With blockchain technology making an original quake within the financial sectors, banks are reeling at the thought of using the innovation. Although there are plenty of benefits that could come with using blockchain for banking, we are yet to see anything materializing.
However, despite the reluctance to embrace the technology, other ventures are gathering efforts to present mainstream blockchain applications for the banking industry. FINTECHNICS is one such foundation of experts looking to provide banks with an appropriate structure on the blockchain. Here's how it intends to achieve its raw concept
What Is Fintechnics?
FINTECHNICS comprises a team of fintech and banking experts looking to understand the challenges facing the banking sector and what it takes to achieve the industry's full potential. Under the vision and years of experience of the experts, FINTECHNICS hopes to bring a hands-on approach to solving the shortcomings of the banking sector through blockchain application.
How Fintechnics Elastic Core Banking System Works
FINTECHNICS will work to target the cause of our banking trouble by introducing a CryptoReady FinCore System that will work seamlessly to provide for operations across multiple banks. The team of experts is working to build an advanced core banking software that will handle transactions between banks and seamless transfer of cryptocurrencies.
The Elastic Core Banking System will comprise of banks and customers, with the blockchain technology going into use by dynamically scaling up the operations and performance of the banking process. Additional, the blockchain-based banking core performs the function of a permanent online ledger which connects to a centralized core network for all the transactions and verification options.
Fintechnics Possible Implications
- Information source will be under a single platform for all banks to access the relevant data
- Data improvement regarding the speed of transfer and quality since Elastic Banking Core presents a real-time and precise access to the immutable blockchain foundation
- Low possibility of human error with FINCTECHNICS core system with blockchain technology providing for less human intervention, execution or verification
- Secure and scalable transactions are also a possible implication with the Elastic Core makes the entire process fluid and more straightforward thanks to the blockchain
- Disintermediation by FINTECHNICS' concept will allow banks to eliminate the risk and expense of third-party intermediaries to handle their information
- More rewards for financial entities with the removal of bureaucratic complications and clutter within banking.
Fintechnics FINTC Token ICO Details
- Token Sale Dates: 06/01/18 – 09/16/18
- Token- FINTC
- Price- 1 FINTC = 100 EUR
- Platform- Ethereum
- Accepting- ETH, BTC, XRP, Fiat
- Minimum investment- 5,000 EUR
- Soft cap- 12,500,000 EUR
- Hard cap- 100,000,000 EUR
- Country- Switzerland
- Whitelist/KYC- KYC & Whitelist
Blockchain technology is fast taking root and form in the financial sector, and estimates do show it could unbundle our existing banking sector. However, our banking industry is mostly confined to traditional core systems although it is evident they have plenty of shortcomings. Despite this, ventures such as FINTECHNICS do offer the ultimate solution for our banking. But the underlying factor is that banks are slow to accommodate new technologies and tend to treat them with a degree of apprehension which may affect the growth. Ultimately this means FINCTECHNICS will need substantial efforts to make a landmark in the banking sector indeed.