Finance is very vital for the growth and expansion of business ventures, as a medium for daily exchange in order to acquire goods and services and so much more. It is therefore the engine that drives any economy as without finance business cannot be established, even existing ones stand the chance of closing up.
The current financial system that has the functionality of providing financial services from deposits, withdrawals, transfers and so on is largely centralized as it serves the interest of only a few major players which are the banks and other financial institutions like Money gram, Western Union who accounts for major players in or providing financial service to the growing population. These institutions have one unique interest in maintaining the status quo which has served as an impediment to the success and opportunities of their customers.
Therefore, it is as a result of this issue of centralization attributed with the financial system, the breakthrough innovative and disruptive technology, blockchain was created by Satoshi Nakamoto in 2008. These financial institutions form commercial banks, Western union and others have failed in their duties of providing quality and efficient financial services which include payments, deposits, withdrawals and transfers.
CHALLENGES FACED BY THE CURRENT FINANCIAL SYSTEM
The financial system overtime, has been associated with the following challenges, which include:
High Transaction Fees: the current financial system is characterized with the presence of numerous middlemen. Customers in a bid to utilize financial services provided by these institutions have to pass through a throng of intermediaries and eventually end up paying high transaction fees.
Lengthy Transaction Process: this is another challenge plaguing the current centralized financial system. Users have to spend so much time while executing transactions from making deposits and withdrawals, customers have to stand on long queues and wait for minutes and sometimes hours before being attended to. The resultant effect of this is loss of business working hour.
Too many Legal Documents and Bureaucracy: the centralized financial system, most especially the commercial banks is characterized with too many legal documents and a bureaucratic structure that required customers to go through the rigorous process of filling many legal document in order to create accounts with them.
However, the creation of blockchain provided a transparent and secured decentralized solution for business models with various use cases which have proven to be simple and efficient. Therefore, the Orbis team seeks to integrate this benefit in creating Orbis Platform.
Orbis seeks to create a decentralized worldwide money transfer and investment platform built on blockchain technology in order to provide fast, easy and cheap financial services for customers in a transparent manner.
Orbis will provide users with an innovative medium of making transfers, payments and investment services through the adoption of cryptocurrency tokens and blockchain technology.
Orbit will provide a blockchain solution which will address the problems attributed with the current financial system. They include:
Elimination of Third Parties: Orbis will provide professional marketing and investment services utilizing smart contracts which allows for peer-to-peer transactions between users and parties involved. This will eliminate the need for third party intermediaries and also ensure cheaper transaction fees.
Security: Orbis will provide non-stop security on the platform through team of experienced programmers and also ensure that the best security measures from World Identity Network System, ID card scanner, ID Verification, debit/credit card check and many more. This security measures adopted by the platform makes it impossible to be manipulated.
Orbit seeks to change the status quo of the current centralized financial system through the adoption of blockchain technology utilized with smart contracts providing user friendly, fast and efficient financial services.
For more information about the ORBIS project please visit the following links below:
Bitcointalk forum Username: Ubaka01
Bitcointalk Url: https://bitcointalk.org/index.php?action=profile;u=2318597