The Silicon Review
Across global supply chains, financial services, healthcare, government and many other industries, innovators are exploring ways to use blockchain to disrupt and transform traditional business models. Many industry leaders have already achieved significant business benefits, including greater transparency, enhanced security, improved traceability, increased efficiency, the speed of transactions, and reduced costs.
In light of the above-mentioned scenario, we’re thrilled to present BULLIONBLOCK LTD.
BULLIONBLOCK is a decentralized fin-tech aiming to offer innovative low cost digital payments and money transfer services along with bullion (gold and silver) electronic money accounts powered by the Stellar.org blockchain network which eliminates intermediaries and reduces transaction costs. The future for BULLIONBLOCK is “Golden” & “Luminous”!
The Crypto Mint BULLIONBLOCK platform is a liberated inclusive fintech ecosystem, aimed to provide flexibility and freedom through the use of blockchain technology providing AI driven financial digital service solutions backed by physical bullion assets.
BULLIONBLOCK is an inclusive company with clear gender-diversity targets, and is a proud signatory member as the only non UK financial services company added onto the signatories list on the gov.uk website along with the cohort of signatory UK financial sector firms that have also pledged to HM Treasury Women in Finance Charter.
The company was incorporated in 2017 in Melbourne, in 2018 in Hong Kong and is headquartered in Singapore.
The BULLIONBLOCK fintech project was selected as a partner by the Future of Humanity Foundation SDG for the FUTURES LOUNGE @ DIGITAL DAVOS 2019 – showcasing the best of Emerging Technology, (blockchain, AI/Machine Learning, Data, IOT), Media Industry and Entrepreneurship with Social Impact as solutions for what’s needed for the world’s greatest challenges and the United Nations Global Goals and 4th industrial revolution.
The Founders and company are proud members of HM Treasury (UK) Women in Finance Charter, International Decentralized Association of Cryptocurrency and Blockchain (EU), Alliance of Blockchain Professionals, FinTech Association of Hong Kong, FinTech Australia Association, Thai Fintech Association, Blockchain Association of Australia, Blockchain Chamber of Commerce (USA), Cambodian Association for Mining and Exploration Companies.
Ilias Bafas, BULLIONBLOCK LTD Founder, spoke exclusively to The Silicon Review. Below is an excerpt.
Tell us about the challenges BULLIONBLOCK faces.
The biggest challenge is that the blockchain industry is constantly developing with changes on a daily basis as regulators seem to be playing catch-up with the digital demand. Regulatory red-tape certainly has slowed down time to market as it feels like we are experiencing a renaissance lately, especially when regulations fail to keep up with the pace of changes in technology, which leaves start-ups such as BULLIONBLOCK operating in a grey area.
One of the more serious challenges for fintech firms we foresee is fending off cyber-attacks which are faced by businesses and governments all around the world, given the sensitive nature of the client data, they’re a serious concern. BULLIONBLOCK is employing the highest level of security available such as Moving Target Defence (MTD) to protect our data and customers, along with establishing its own Blockchain Lab in Malta that will focus on R&D of dynamic blockchain security solutions.
A tech company needs to be very agile with product and service innovation in order to withstand the competition, what is your approach towards innovation?
Keeping our customers’ needs and experience at the heart of every new technology we adopt is paramount. Our aim is always to make things easier and enjoyable for our consumers and to offer them a level of service and 24/7 support they wouldn’t get anywhere elsewhere.
Being able to call our customer support line and/or tap the live chat feature in our app and speak to a real person is an essential key service of seamless BULLIONBLOCK customer journey.
Our integrated digital fintech ecosystem includes mobile digital financial services, payment gateway, and international remittances to service the global on-demand economy. We are focused on end-to-end value propositions encompassing our platform for all devices, thus we leverage a diverse range of value chain strategic partnerships.
Our mobile App is a desktop and mobile e-Wallet for international remittances and payment solutions, driven by Peer-2-Peer Functionality, and the Crypto Mint Decentralized Exchange.
What are the factors that make your company stand out from the competition?
BULLIONBLOCK Fintech services are one-of-a-kind as they’re:
In addition, BULLIONBLOCK creates the opportunity for the financially excluded, under banked and unbanked people of the world to connect with modern markets, and this will create a new source for growth to fuel the global economy.
With the uncertainty we are witnessing in the world around geopolitics and global finance, gold and silver, physical bullion will continue to be the safe haven asset of choice for governments, banks, investors, traders and the general public.
Unlike traditional banking, this system is not tied to one specific government and or country – it is not tied to one specific currency, and it is not tied to any specific bank. Therefore, it is crisis-proof.
Most importantly, BULLIONBLOCK can power over 1,000 transactions per second, and will provide:
Our mission is to make financial transfer rates much more affordable and bolster transparency in the remittance sector.
Our vision is to benefit the common man. BULLIONBLOCK was created to carry this vision and is attracting a cadre of leaders with exceptional, competent capabilities joining the founding team to serve the company mission – that will provide sovereignty to the user. Our passion will undoubtedly accelerate this technological evolution.
If you have to list five success factors, what would they be and why?
Our core services are aimed at people who do not want to and or cannot pay for bank account fees or meet the minimum account deposit terms. The primary benefits to the customer are saving money compared to traditional banks and or other financial service providers, security compared to managing cash, and convenience when compared to attending a traditional bank branch.
Our BULLIONBLOCK ACCOUNT (BBA) is not a bank account; it is an electronic money account that provides the customer with access to their money and financial affairs anytime and anywhere – from a Phone, Tablet or Laptop with our user-friendly and secure e-Wallet Mobile App.
BULLIONBLOCK operates through a highly secured strong network of remote servers hosted on the Internet to store, manage, and process data, rather than a local server.
The platform is a next-generation FinTech offering global transactions that are simpler and cheaper, which will be among the few that combine multi crypto and fiat currencies on a user-friendly platform.
BULLIONBLOCK onboarding will be quick and seamless for the user, whilst meeting the legal KYC and AML regulations. The first impressions of our app design will be trustworthy, fun, and useful that provides valuable insights in an engaging casual way.
Do you have any new products ready to be launched?
We’re developing and testing wearable technology (lifetech) planned for release this year. CashCrossBorders.com (one of our platforms) will make exceptional use of this customer-centered design technology to evolve the platform and offer a new digital customer experience. This wearable lifetech will make peer-to-peer communication and information exchange effortless, thus making seamless financial transactions in a fraction of a second.
Ilias Bafas: An Entrepreneur at Heart
Ilias Bafas is the driving force behind the group: He is described as a strategic visionary with the agility and leadership style as paradigmatic of founder centrism. He has a proven demonstrated diverse international business background. Mr. Bafas is a natural born passionate philanthropic serial entrepreneur.