ChronoBank to partner with financial services ecosystem Humaniq
The two companies, both of which are built on the Ethereum platform, are set to collaborate for mutual benefit.
Blockchain start-up Humaniq and recruitment platform ChronoBank will be working together to make use of the complementary functionality each offers — bringing both projects to greater public awareness and driving adoption.
Blockchain-based financial services company Humaniq is taking aim at the problem of providing banking facilities to the world’s estimated 2 billion unbanked people. Built on Ethereum, Humaniq uses its own crypto token (HMQ) to power their ecosystem. However, what is most attractive about the organisation is not what it is doing, but how. Humaniq is deploying solutions that have so far been restricted to a handful of use cases — and are more commonly seen in the high-tech areas of the banking sector. This technology will be of use to ChronoBank and will make it considerably easier for many people to access financial services and work.
Also attractive is that Humaniq have taken an open approach to
development. They are building the core software, but allowing anyone to
use their API to create third-party services. Whilst Humaniq establish
the network and provide the infrastructure for transactions to take
place, other companies, organisations and individuals will work on
various solutions that can be bolted on to this backbone — P2P loans
facilities, insurance, data security features and more. The result will
be a robust ecosystem of services.
Identity on the blockchain
One of Humaniq’s most interesting and far-reaching features is the way they go about tackling the problem of identity. Banking facilities are often denied to low-income groups, not only on the grounds that they are not economically viable for the banks (that is, they simply do not generate enough business) but because they may also be undocumented. Nonetheless, the growing penetration of smartphones has meant that an increasing proportion of the population has access to advanced biometric identification features. These include fingerprint scanners, facial and voice recognition.
These can provide greater security than traditional account/password login systems — to the point where some banks are transitioning to using voice fingerprints for their customer authentication procedures. Humaniq will use facial and voice recognition, as well as the unique number of the device itself, to register users and enable them to use the service and make transactions.
This effectively does away with the need for email addresses and passwords, as well as private keys for cryptocurrency payments — the user’s face and voice provide the only data required. From the perspective of both Humaniq and ChronoBank, a critical benefit of this approach is that every user on the network will be unique — it is difficult, if not impossible, for users to sign up more than once. For LaborX, the advantage is that it becomes harder and harder to cheat the system by signing up with a fresh identity after negative feedback has been given (LaborX already has some measures in place to prevent this). For advertisers and other businesses, there is a prospect of being able to tap into a large network of real users, in which bots and fake accounts are absent — there are no inflated user figures, and no unrealistic costs as a result. Biometric identification offers much for LaborX, and for the blockchain industry in general.
Humaniq will be holding a crowdsale to fund development and marketing of their core product. The ICO starts on April 6 and runs for 3 weeks, ending on April 26th. A bonus of 49.9% is available for the first 48 hours, then dropping to 25%, to 12.5% after another seven days, and to 0% after a further seven days.
To find out more or to participate in the crowdsale, visit https://my.humaniq.co.
To find out more about ChronoBank, visit www.ChronoBank.io.