Blockchain industry, though nascent, has been pushing assiduously to the forefront in private and public spheres. It has demonstrated several potentials such as aiding secure transmission and storage of data, drastic reduction of transaction cost due to its elimination of intermediaries, streamlining of enterprise services. Today, blockchain technology - a distributed public ledger, has created a new digital and smart economy in the form of cryptocurrencies or digital assets. Despite these opportunities, only about 35 million people are validated cryptocurrency users our of more than 4 billion people with internet access based on the results of a study by the Cambridge Centre for Alternative Finance. Most, if not all, of the crypto users and blockchain enthusiasts are from Generation X (Gen-X) and Gen-X (popularly called the Millennials). This huge gap and demographic crypto-aware generations present an opportunity that KABN intends to fill and serve respectively.
KABN is a neo-financial service platform that leverages new disruptive technologies, especially blockchain, to provision a suite of products and functional services to the Gen-X and Millennial blockchain investors. KABN ecosystem consists of an array of products and services which addresses current challenges plaguing the industry and so proffers the right-in-time solutions craved by the blockchain as well as neobanking communities.
The KABN Ecosystem
There are three key products and/or services currently planned and provided by KABN Network (this is not the limit, others are planned in the future): KABN's flagship blockchain-integrated network, KABN ID, Pegasus Flyte crypto-to-fiat Card, and KABN KASH loyalty platform.
KABN ID
KABN ID is a biometric- and blockchain-integrated platform for performing KYC/AML. Compliance to KYC/AML is an obligation for many businesses in banking or fintech field, especially when financial transactions are involved. Existing processes are either entirely manual and stressful, or digital and not fully compliant with regulatory standards despite its relatively high cost. KABN ID provides a cost - effective streamlined and user-friendly compliance process for participants. The KABN network is a biometric-enabled and blockchain-powered user identity verification and validation network. It's primary features include: it is always-on, GDPR-compliant, security-tight, and bank-grade. A patent has been filed for KABN ID showing that it is an innovative technological solution to the complex classical ID verification process. Clients such as exchange service providers, fintech startups, and other financial institutions can leverage KABN ID for smooth identity verification for a low fee while bearing no liability of retaining user identity. For consumers, the process is swift, easy, and free. The service is also particularly useful for blockchain startups who want to conduct ICO/STO for the verification of their investors as the blockchain industry draws towards regulation and strict rules.
KABN-branded Pegasus Flyte Crypto Card
The Pegasus Flyte Card is a Visa-backed crypto card that aims to solve the real-world spendability issue of cryptocurrencies. While the Millennial and Gen-X generation have shown considerable adoption of cryptocurrencies, a much larger percentage of the society is still skeptical of accepting it, because of its high volatility, lack of clear regulations, and immature technology. The KABN-branded card allows users to load various cryptocurrencies on their card which are converted to fiat equivalent and can be used for payments in online retails and physical stores. KABN Network is leveraging an emerging form of banking - neo banking, which is an entirely online or mobile form of banking, to provision cutting-edge solutions to blockchain enthusiasts. This will help to accelerate the adoption of cryptocurrency as more people embrace the card and stores and businesses accept the card for payment.
KABN KASH
KABN KASH is KABN network's platform designed to encourage, engage, and reward customers to regularly patronize and make purchases at their affiliate physical stores and e-commerce sites using the Pegasus Flyte card. KABN aims to segment the data of the consumers captured, and then target high-value customers to precipitate greater spending using KABN card at partner retail stores. The revenue KABN earns in form of affiliate commissions will be shared with these high-value members ('spenders') in form of cash back and special offers. This type of loyalty program is a win-win system in which both KABN and the customers benefit financially and in terms of other social values.
Conclusion
Now that blockchain is gaining more traction than before, there is no doubt that strict regulations will be made to guide the industry and that the real-world spendability of cryptocurrencies will catalyze its global adoption. KABN has developed state-of-the-art blockchain-integrated solutions to facilitate the process and contribute to the development of a smart economy fueled by blockchain technology.
For further information on KABN, use the following links:
KABN website:
https://www.kabntoken.com/?ref=bty21
Whitepaper: https://www.kabntoken.com/wp-content/uploads/2019/03/KABN-Company-Overview-Summary-V1.2.pdf
Bounty0x username: Mexite