Merging Blockchain Technology with Traditional Banking Infrastructure Will Evolve Our Financial System to the Next Generation
For better or for worse, most people are not very interested in cryptocurrencies and blockchain technology. And they don’t have to be. It’s a bit like the internet. Most people only care about what they can do with it, like interact with friends or use different services, while the tech works its magic in the background. This is why We at Sofitto are working on building the Last-Mile Solution for the financial sector unlike any other. We work in the background to help bridge the digital and analog world for ordinary people and crypto enthusiasts alike in a unique way: We are engineering next-generation blockchain-based solutions that look like traditional banking products.
With Sofitto, there is next to no barrier to entry for blockchain-based services for anyone. Right now, there are a number of notable ongoing projects working on harnessing the power of blockchain technology in the financial sector. Some of the most notable include those by card scheme operators like Visa, MasterCard and American Express, or consortia like the “utility settlement coin” led by UBS, IIN led by J.P. Morgan, R3 and Hyperledger.
However, these projects are currently designed for large sums of money (interbank payments) and thus mostly benefit banks and large corporations. At the same time, there are completely permissionless blockchain protocols being built that anyone can access, like Bitcoin, Ethereum, EOS and many more. Some have been designed specifically to handle payments, while others allow for more complex designs and structures (e.g. smart contracts). By utilizing these payment protocols, users can send money instantly and without the need for middlemen, but, they have to have a very high level of knowledge about the technology itself.
With Sofitto solutions, ordinary individuals with no knowledge about cryptocurrencies or blockchain can benefit from this next-generation technology. We have made it our mission to make our solutions so simple that everyone can use them. Any blockchain in the palm of an ordinary individual. Always accessible and with a minimal inclusion barrier.
Sofitto solutions are blockchain agnostic, meaning they can operate on top of any blockchain technology. At the same time, Sofitto solutions can be embedded into the existing financial infrastructure. A good example of products for consumers is the Sofitto card that will be the world’s first mobile-native cryptocurrency hardware wallet compatible with banking terminals. Our card looks just like any other payment card out there. Hence, it is also designed to be used at existing ATMs and points of sale in the future.
On the corporate side we can help in several ways. We can support banks in bringing the advantages of blockchain technology into their infrastructure. We can support crypto projects connect to existing banking infrastructure using their blockchains or tokens. And, last but not least, we can support Central banks in their efforts to digitize cash on blockchain technology. Always keeping in mind our mission of simplicity.
The Sofitto solution does not rely on third parties. This allows us to propose a complete ecosystem on blockchain rails that has a fully transparent cost structure. The Sofitto card and mobile app, coupled with our backend solution on blockchain rails, are the foundations of our system. By processing payments, transfers and just about anything else to do with money, with our backend blockchain solution, we are able to get rid of the hoops money has to jump through to get to the end user. Overall, this means that money travels faster and transaction costs are lower. Because we integrate with existing financial infrastructure, this also means that physical infrastructure costs are negligible.