Following on from yesterday’s announcement by the IDA that it wants to position the State as a leading centre for blockchain, GIRT mobile has launched a new project which harnesses the best blockchain technology using artificial intelligence (AI). The BITCUB platform looks at specific customer requirements and matches them with the most appropriate blockchain technology in real-time.
Survival of the fittest
With 1,628 different coins listed on Coin Market Cap and new distributed ledger technologies (the cornerstone of blockchain) cropping up daily. The frenzy around crypto currency speculation towards the end of 2017 drew many comparisons with previous ‘boom and bust’ cycles.
Being one of Irelands’ first app development companies GIRT mobile began to focus on finance and payments in 2012. Targeting the Credit Union space and partnering with leading fintec providers, it now has 16 credit unions in Ireland and the UK using its’ on-line and mobile banking platforms. In 2015 the company began investigating the use of Distributed Ledger (Blockchain) Technology for its Credit Union Customers. After realising that there was both good and bad or unproven technology in the space it began to look at using AI based neural networks to sort the ‘wheat from the chaff’. The objective was not to select the best ‘potential’ blockchain technology but determine the real-world use cases and work back from there with actual functioning products. The result can only be described as a Skyscanner or Trivago for blockchain ‘on steroids’.
Credit Unions Served by AI
As an example, a credit union customer in Dublin, Ireland wanting to send money back home to Manilla would normally have to leave the credit union with their cash, travel to their nearest Western Union office, pay 10% in transfer fees and then wait up to 7 days for the money to land.
BITCUB, on the other hand, works by using AI to evaluate customer specific requirements such as speed of transfer, cost, cash-out location, security and reliability and then matches that with the best blockchain technology to deliver the service. The secret behind BITCUB’s power is the ability to cut out the middle men taking a percentage of the transaction. Depending on the blockchain technology selected by the BITCUB engine, transactions can be almost instant with either low or zero fees. Using the BITCUB platform means that Financial Institutions such as credit unions can offer this ‘top tier’ remittance service for local and global transactions, in addition to smart contract based loan and savings products which will save them time and money.
Aonghus O’hEocha, CEO of BITCUB points out: “With over 61,000 credit unions in the world today serving 260 million people in 100 countries, there has never been a better time to take advantage of their decentralised status. Credit Unions were created for the people and are run for the members to serve their best interests. It is high time that they were properly served by technology that can truly help them perform on the world stage of finance”.
Aonghus discussed BITCUB at the Crypto Coast session in the Maritime Museum in Dun Laoghaire on the 12thof June and will be presenting at the World Congress of Credit Unions in Singapore on the 15th of July.
For more information see https://www.bitcub.net/ or contact:- Aonghus on +353 87 9077030