Razormind has unveiled a EUR5 million plan to build and operate two blockchain banks in Europe, each powered by 100 per cent blockchain technology.
The facilities, located in Belfast and Paris, will power Razormind’s blockchain services for mobile payment including deposit/withdrawal, local payment, bitcoin and DeOS access for customers across Europe.
“Razormind is extremely grateful for continued success in Europe and proud this investment supports communities across the continent,” says Jawad Yaqub, Razormind’s CEO. “This represents Razormind’s biggest project in Europe to date. The entire team is thrilled to be expanding operations, creating local jobs and introducing some of the most advanced tech yet to make life easier.”
The new facilities will run entirely on secure blockchain systems from day one. Razormind will work with local partners to develop additional access points to banking. These include investment in bitcoin ATMs – local merchant incentives, and multiple mobile services.
“Innovation is about shaping the world into a better one each day, and that the time for tackling poverty and predatory loan practices is now,” says Phil Sturgeon, Razormind’s director of operations. “To spur growth in Northern Ireland and France and develop blockchain systems that offer advantages to everyone in the economy is very exciting. The central commitment to corporate social responsibility is good for the community, good for business and good for the European economy.”
The two blockchain banks are expected to begin operations in 2017 and include additional benefits for their communities.
For the project in Belfast, Razormind will offer zero interest short term loans to those previously forced to use payday loans at extremely expensive interest rates. The project will also provide grants for an outdoor education space for local schools, as well as a walking trail for communities.
In Paris, France, the banking facility is also designed automatically to build a globally valid credit rating and create a pathway to sustained financial health. District initiatives to provide grants in the community are also being prepared.
DeOS is the first global public record of ownership and identity in history. It will open its doors to the public on 10 October at noon GMT. It uses blockchain technology to eliminate the risk of confiscation by government or unauthorised strangers. By harnessing idle time on networked computers, the DeOS decentralised cloud performs tasks across thousands of machines at the same time. This creates a worldwide publicly owned and operated supercomputer. At the heart of this platform is the DeOS Blockchain, although most users will interact through the DeOS Desktop.
DeOS’s desktop comes packed with secure storage, file system, full office suite, secure instant messaging and email with calendar functionality.
DeOS Desktop services include banking, secure global identity, smart assets, smart contracts, decentralised storage and computing. DeOS provides a Blockchain-as-a-service (BaaS) platform that organisations can use to design and deploy their own apps. DeOS provides global record keeping, safe decentralised storage, and privacy through end to end encryption.
Razormind designed DeOS to use the blockchain itself as the CPU for any number of machines. DeOS blocks manage their computing resources, and use the DeOS Platform nodes to verify network transactions. This means they can hold more than simple monetary data.
"People wanted something useful day-to-day so DeOS is built with that in mind; Bitcoin holds monetary transactions beautifully, but DeOS can also manage data, smart contracts, assets and public audit information. Free for the public to look up worldwide,” says Jawad Yaqub, CEO, Razormind.