Even for unconnected areas
There’s a Limit to Blockchain. Or is there?
The blockchain has been touted to be the 5th revolution, as important as the invention of the wheel, electricity, and the like, in terms of its potential. The catch? Its impact is limited by how far the internet can reach, which today is only 50% of the world population.
However 98% of the world population is already covered by a phone signal. So what if we could get all of these people covered by the standard telephone line, access to blockchain services, without any of the infrastructure that the internet requires? What if all blockchain wallets could work even on SMS?
We’ve developed a technology to do just that. We started working on a Proof Of Concept (POC) to show how our technology is made to help any blockchain solution be transported without internet. We know that other blockchain services already work via SMS but what’s unique about this technology is that a seamless mobile app experience is enabled wherever there’s a phone signal. Let’s see how it goes with a mobile wallet.
This demo demonstrates how Augmented Connectivity makes an exchange of Stellar Lumens (XLM), without a data network, while still giving the user a true mobile app experience.
What’s so Special?
- Your mobile wallet will work seamlessly even without internet.
- This transaction is happening without data/ Internet access and behind the scenes it’s only using 1 or 2 SMS to send the signed transaction. Don’t confuse this with mobile money solutions done on SMS. This is a technology that provides an app experience, but uses “binary SMS”, meaning SMS that are invisible to the user to get things done in the background.
- The transaction can happen on any data network. This technology isn’t only about SMS. It’s about better performance on every network, including GSM (SMS). The technology is made to detect whether there is a lack of a data network, and then reroute the transaction to travel over SMS when necessary. It always chooses the best available network to ensure reliable app functionality. So for example, it’s also a solution for areas with saturated networks, like football stadiums.
- The transfer is made from account to account, not phone number to phone number, meaning that transactions can be made with one person using a phone and one person using a computer (anyone with a stellar wallet can send coins to or receive coins from your phone, even if they are using a computer). In other words, you are given the benefit of having transactions work anywhere you take your smartphone, but you’re not limited to only passing transactions to and from phones.
- The transaction is signed on your phone and then sent to a backend server that will publish the transaction on the internet, so the private key never leaves your phone and will never be stored on a 3rd party server. The security remains the same.
- Even though the demo uses lumens as an example, the technology that makes it possible, Augmented Connectivity, can be integrated to work the same for any Android mobile wallet.
Stellar is committed to extending financial inclusion to unbanked people in Asia and Africa, and so are we!
“We wanted to come up with a quick way to show how Be-Bound technology facilitates exchange of blockchain transactions for any cryptocurrency, and Stellar was our first choice because they share our company vision of inclusivity. ” — Benjamin LeNestour - Lead Developer, Be-Bound.
The Stellar Foundation was founded by Jed McCaleb, who also co-founded Ripple.
Learn more at www.stellar.org.
Emerging Countries Leading The Way
Mobile payments and blockchain are challenging our status quo. Both have the potential to revolutionize the way we use and exchange money, and solve a lot of the world’s problems. And it’s looking like emerging countries are going to become the pioneers that show us how we can live differently, maybe even better, if given the right conditions.
“It’s a no-brainer that the Stellar platform combined with Be-Bound’s Augmented Connectivity would be a perfect jumping off point for organizations or entrepreneurs that want to develop services for the underbanked.” Lisa Nestor — Stellar Development Foundation
We saw successful leapfrogging when developing countries skipped landlines altogether and went directly to cell phones. In the case of blockchain, there is a chance that this new technology could empower the rich and poor alike, with the poorer countries taking center stage, showing us what’s possible. More recently, we’ve seen leapfrogging in Kenya and Tanzania with M-Pesa models of mobile money that allowed people to pay in their local currency with just their cell phones and bypass the traditional banking system. This ability to bypass a hurdle resulted in lifting nearly 200,000 people out of poverty in Kenya. Small farmers and female headed households saw great changes in their quality of life. It showed us there is a way — a better way — to innovate. A way that’s simpler, cost-efficient, and purposeful.
Blockchain adoption could mean the quick inclusion of billions of new people into the larger world economy, which would bring enormous positive impacts socially and economically.
Stellar is Lit and Be-Bound is Participating!
We’ll be taking part in the XLM Stellar Torch today, so stay tuned!
UPDATE : The Stellar Torch was successfully sent to Be-Bound in Abidjan, Ivory Coast without internet.
What’s Your Solution?
In case you’re wondering, this app isn’t downloadable, it’s simply a demo that’s been made to show everyone what’s possible. You have a solution that needs to work in more places? Great, let us know, Be-Bound technology is made for any Android app solution (eHealth, eGov, KYC, etc.). Mobile money companies aren’t the only ones who are taking an interest. Hop over to the Crypto community boards on Reddit to see what people are saying about this tech.
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