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Blockchain Revolutionizing Banking System: Crypto's Bright Future

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Blockchain Revolutionizing Banking System: Crypto's Bright Future 101

Disclaimer: The text below is a press release that was not written by Cryptonews.com.

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Current status and issues

The blockchain has pursued decentralized ideal and it has succeeded to some extent. However, decent years after the invention of blockchain, some of its problems are revealed.

When a national government tries to use blockchain, they face some troubles because it is often made according to the concept of decentralization and fully opened.

Generally speaking, from a defense perspective, the source code that a country adopts for a national basic system shouldn't be fully opened.

For example, if the system is fully open-sourced, when some errors are found, someone who is anonymous and not responsible to the country has to fix the errors. He/she may be a foreigner and they may belong to the potential enemy country.

Solution

There is a company that is making a drastic solution to this situation in the Republic of Malta.

The company, FOOT D-LABO HOLDINGS LIMITED., is developing a blockchain that is not perfectly decentralized, in other words, there remain centralized features. In addition, they are making applications on the blockchain. This blockchain and application are customized for banks. The banking services are needed to be as secure as the systems for governments, and they are tackling this future-oriented tasks.

FOOT D-LABO HOLDINGS LIMITED. is a developer of the application layer, and what they have already developed an application on the blockchain is their strong point for a business.

Project progress, release soon

Fortunately, the application which enables people to access wallet, exchange, and banking business function instantly will be released in a moment by them.

Strong partnership, alliance with banks

In addition, they claim that although they can't reveal the name, their blockchain and application have already been decided to be used in a bank that has a SWIFT code. Some projects imagine a similar concept, but there are no blockchains that have been decided to be adopted as a basic system of banks.

Of course, they also plan to do open source development but it's limited to some parts of their business. They are developing the blockchain and applications, engaging in dialogue with a bank just as a company. 

More info: https://foc-crypto.com/

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