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SPRING LABS; A BLOCKCHAIN START UP PROPOSES LOAN SYSTEMS THAT WILL ELIMINATE CREDIT BUREAUS

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The year brings forth great news despite the currently trending news on price nose dive in the  crypto market. Amongst many, is the great research and recent discovery of new ways financial systems can best provide loans. In clearer terms, it would soon be very possible to carry out loan transactions with your bank directly without the banks having to deal with credit bureaus and any other third-party entity.

According to bloomberg, Spring labs is testing a decentralized peer-to-peer model built from partnership with 16 lenders and Fintech firms, some of which are SoFi, OnDeckCapital and Avant.

The present situation is that banks give out the data of their customers to credit bureaus for free and then have to buy it back as credit reports from these credit bureaus simply because they cannot carry out credit checks as stipulated under current regulatory and competition frameworks. Thus, banks definitely have to deal with third-parties such as Equifax Inc and Experian Plc to disburse loans.

In an interview, Adam Jiwan the CEO of Spring Labs said that the blockchain and its open ledger system would help run the verification processes which the credit bureaus once did. This statement was backed up by the unanimous decision of interest from the 16 lenders lenders who would love to see the peer-to-peer system, which cuts off all third-parties launch successfully.

It is no news that Blockchain can solve a lot of issues for corporate entities if and only if these corporations can identify the use case to which to apply the technology and most importantly if these corporate bodies are going to open their doors to possible partnership with experts in the field, though Spring labs have set the ball rolling.

The technology to be tested uses a “tripple-blind” method of information sharing where nothing relating to the identities of both parties (lender and customer) is made public and at the same time, Spring labs would have no form of access to the information being shared. “This would be made possible by the combined use of cryptography, blockchain and privacy enabling technology”, Jiwan said.

Some incentives in form of digital asset, would be made available to customers so as to get them to provide their information. In the CEO’s words; “ the goal is to pay customers for sharing their information with the native digital asset”.

Furthermore, spring labs intends to drastically reduce fraud with this new model. Also, crowd-sourcing would be the new method of building clientele for banks offering loans instead of just limited exchange between banks and the credit bureaus.

The tests are already ongoing and the launch date for the information sharing and anti-fraud services are slated to be due in the first half of 2019.

Spring labs, has its offices at Chicago and Los Angeles and is advised by former Goldman Sachs president Gary Cohn.

Do you think Spring Labs can pull this off against credit bureau giants like Equifax Inc? Would the Government be in support of this? Share your opinion with us in the comment section below.
Disclaimer:
The Information provided on the website is designed to provide helpful information regarding blockchain and cryptocurrency. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regarding investment into cryptocurrency. We are not liable for any outcome based on any content found on the site.

 

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I love working with Corporate Brands. Also I am a Social Media Manager, Blockchain Speaker and Writer, Strategy Lead at SMMA, Freelance Content Creator, Editor, Business Developer and finally CMO at cryptotvplus.

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Governments In Africa Will Welcome Blockchain Technology – Lucky Uwakwe

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Lucky Uwakwe - African Government will welcome blockchain technology
Lucky Uwakwe shares his views on African governments and Blockchain adoption with Cryptotvplus.

It is no news that a lot of enthusiasts in the blockchain space only show commitment to the projects they handle or the ones which give them maximum returns. It is not everyday you get to meet an enthusiast in the space who is quite passionate about getting the government on board this moving train.

Interestingly, in a recent article published by CryptoTVPlus, some African governments are already piqued by blockchain.

However, Lucky Uwakwe is positive that all African governments will finally come to terms with the versatility of the blockchain in the nearest future.

Here is an overview of the conversation we had with Lucky Uwakwe:

In your own words, what would you say blockchain is?

Blockchain is a persistent record of ownership transfer, that is publicly available for examination by all aspects of people. It is permission less to use and no trust is required toward any third party when using it. It is immutable.

In a few words tell us about your journey into the fast emerging Technology. When, how and through what means did you hear about Blockchain and Cryptocurrency? 

I learnt about bitcoin and blockchain from research in the CYPHERPUNK community,  during an online research in 2008, but I never fully grasp the importance until about 2010/2011 with bitcoin and the Mt gox exchange (magic the gathering of exchange)  after that I use to read Vitalik Buterin(ethereum founder)  Articles on bitcoin blockchain back then, when he was a writer on bitcoin

In what areas of blockchain are you most passionate?   

Education and Consulting with Service of smooth user friendly digital exchange.

What is your product all about? What challenges or problems have you identified? How will your innovation use the blockchain to solve these problems? 

CURRENTLY as I speak, we see that some countries in the world especially in Africa buy digital asset at a premium, and pay higher fee which is higher than some region. Another problem Fiat based crypto exchange is different and crypto- crypto exchange is also different.

We have built a solution to cover all that, making it easier for people to trade and convert over 200 crypto to crypto , or crypto to fiat,  all in one place. also transfer in the exchange is free, from OTC fiat section  to the crypto exchange of our exchange, we even do free deposit fee, and our withdrawal fee is lesser than what is currently available in many exchange in the world.

We have exactly combine liquidity of Huobi which is one of the top three crypto to crypto exchange in the world, but we have added easy fiat for African and have open African customers to the rest of the world. With our partnership with Huobi cloud, security is paramount. we are called SaBi, we provide users across the globe to either use our Crypto to crypto or fiat to crypto,  we have open a continent to the rest of the world, so customers in other continents can trade with other continents including Africa. All in one place.

What milestones do you hope to accomplish in the coming years in the Blockchain Industry?

To see that government Across Africa welcome blockchain technology and digital currency, and to ensure we have a strong community of women and house wives who are professional traders on SaBi making a living to support there family and the continent at large. So that they can become independent.

Our goal is to see that we return 30-60% profit made from SaBi exchange back to our active users and the community to support poor African community, lacking basics facilities like Schools,clean water, hospital and food. This we will do through SaBi exchange with our partnership from Huobi cloud

How is your Project contributing to creating blockchain awareness and in turn Mass Adoption?

My company has been at the fore front of positive awareness with the government and community across Africa and beyond, a simple google search of my name Lucky Uwakwe  will show quite a lot,  but as a company we continue to create a cooperate awareness with institution making our authority responsible for enacting laws that will shape the future of Blockchain in our continent.

Tell us about your project team? How did you come about the team? How do you  inspire them to give their best? 

I actually don’t inspire my team, my team inspire me. They are the best brain out there, why tell the best what to do? Rather they inspire me and we work towards a common goal. Currently my team have been one of the best to work with in one project,  my project team members are from or based in China, Canada, Singerpore, Japan , Nigeria and Taiwan.

Most of them have over 3-10years+ background in Tech, Finance and Wall Street and Blockchain space. My Nigerian based team all have experience in the Blockchain space,  I am a certified cryptocurrency specialist (C.C.S) and still current  MSc in Digital currency and Blockchain Technology at the University of Nicosia Cyprus.

My Co-founder Mr. Peter Huang is a Chinese with experience Tech and Engineering company, from Beijing China, my Designer Kayode Iyanu owns SirfiTech in Nigeria capital city and the entire team of Huobicloud in Asia are working with us, from Mr. David Chen a Canadian, Mr. Jack Lee in  Shenzhen china , Mrs. Margaret Tang,  all from Huobi cloud, we have a rich diverse team across the world and many more working behind the scene working to see SaBi meet every standard before we Lunch by February 2019.

Mr Lucky Uwakwe is the Co Founder of Cheetah Africa.

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Cryptotvplus Partners with Bitmama Exchange To Improve Blockchain Awareness in Nigeria

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We are pleased to announce a new partnership between Cryptotvplus and Bitmama. After a long meeting on Monday February 9th 2019, both companies resolved to join forces. This  partnership is to promote blockchain-awareness in Africa. This resolution came in a bid to grow the ecosystem and promote adoption.

Bitmama is an exchange that enables users to create their own wallets and purchase cryptocurrencies simply by connecting their wallets with their Bank Accounts, Credit or Debit cards, and mobile money accounts. All users have to do is input their bank verification number BVN to synchronize their account with the platform and guess what? The rest is history.

Bitmama, having just recently taken part in last year’s GreenHouse lab “Demochella” Event where she pitched her product and remains one of the top 5 projects to be given start-up attention.

In areas of security and verification, customers have the option of safe guarding their funds using Two-factor authentication. This is possible with third-party apps like Google Authenticator and Authy. For more information on the working modalities on the platform, read our previous post.

Partnership in the space has not come as a shock. Recently in our previous post, we brought you the update of partnership between African Blockchain Alliance with Consensys Academy.

As you may already be aware, Cryptotvplus seeks to keep her community synced with the latest news and Information on cryptocurrency and Blockchain technology in Africa and beyond.

We are thinking to expand the services by working in close partnership. This partnership will help improve our  campaign for awareness. It will help us provide newer services in the space.

– Tony Emeka CEO Cryptotvplus

For partnerships and collaborations, do write us at info@cryptotvplus.com

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How “Use-Case” Inspired Bitfxt Project Success

Initiate the project and deliberately see to its growth!
Welcome to the CEOs corner.

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Building a regulated platform in blockchain generally, would not classify as a walk in the park. It is even more demanding to take up such challenge in this part of the world where technology is obviously still far below average. To make matters worse, the competition globally- with the likes of Binance introducing their DEX, Huobi Exchange, Bittrex, Poloniex and a whole lot of VC-funded projects that make the playing ground very much uneven for local exchanges sprouting from the black continent of Africa.

#BUIDL CLUB provides an exclusive with Franklin Odoemena the CEO BITFXT, an IT firm that developed one of Africa’s leading cryptocurrency exchange platform. BITFXT portrays transparency, trust and user satisfaction.

 

In this interview,

Frank tells us about how “Use Case” helped him build BITFXT revealing secrets for pursuing a successful carrier within the most populated service area in the ecosystem.

 

In your own words, what would you say blockchain is?

Blockchain is simply an open, public, decentralized ledger for recording any kind of data and and transactions on the internet such that the records are irreversible and unchangeable.

Your Journey into the fast emerging Technology. When, how and through what means did you hear about Blockchain and Cryptocurrency?

I got interested in the technology when I first heard about bitcoin from a senior colleague in the year 2015. My first perception of it is that it is the future of money and that it has the capacity to become a global currency. I got much more interested in it when I performed my first transaction and discovered how fast and cheap it is… though my inability to purchase from coinbase and and the high exchange rate surcharge I got from a couple of other local exchanges available then made decide to provide a simpler and better solution for Africa, that was the birth of bitfxt.

In what areas of blockchain are you most passionate?

Exchange. I am passionate about providing a simpler solution for storing, buying and selling of cryptocurrencies in a seamless manner. I believe that such solution will hasten the adoption of the technology in developing countries. I have a goal of democratizing Africa financially.

 What is Bitfxt?

Bitfxt is an IT firm that deals on deployment and development of software, mobile apps and websites including crypto exchanges, wallets, payment gateways, e-commerce, RFID tracking system, etc on the blockchain. We also aim a pioneering the movement of tokenizing businesses, assets and currencies in Africa.

 What challenges or problems have you identified?

In as much as the hype is all over the place but in my own observations, not everyone truly understands the technology. 99% are in for the money and this is the reason why it will take a lot of people unaware.

When I got involved in the tech, I couldn’t find single developer in Nigeria, I couldn’t find a single trader both on the internet and offline, it was super frustrating. I had to outsource my project to a foreign country of which if we had developers, the money we spent would have gotten to the hands of a fellow Nigerian, thereby, improving on the economy.

 How will your innovation use the blockchain to solve these problems?

Though we started as an exchange where you can list, save, buy and sell cryptocurrencies but we have grown beyond that to solve other problems. Right now, Bitfxt Technology is more of a decentralized IT firm where you can find professional blockchain developers to take on any project you can imagine. So far, we have developed other solutions such as bitfxt cointracker, bitfxt exchange wallet, bxtcoin, bitfxt vault, and much more coming soon

 What milestones do you hope to accomplish in the coming years in the Blockchain Industry?

We want to be known as the largest blockchain IT firm in Africa at large. Lots of people have solutions locked up in their mind but because they dont have the funds and a professional to take on it, they die with the solutions and this is the reason why our coin BXTCOIN, is the official currency of the bitfxt ecosystem. Holders can pay at high discounts using our coin. We also hope to help tokenize Africa and stand as the largest exchange for trading African inspired tokens and coins.

How is your Project contributing to creating blockchain awareness and in turn Mass Adoption?

Our solutions are simple to understand and easy to use, and as such, anybody can easily use them. Our exchange is built with the African market in mind, users can easily connect their wallets to their local bank account in order to buy and sell cryptos and we hope to list more of African inspired projects and list them against other African currencies, I believe this will bring about mass user adoption.

Tell us about your project team?

My project team are made up of people from all works of life who has decided to make a difference in the industry. They are professionals to the core and are highly passionate about the project.

How did you come about the team?

I would say it was by the grace of God. I hand fully picked them one after the other not minding their academic background. I resonate more with passion because passion can drive a man to dare god, so I believe that getting the right people with the right attitude, willingness to learn and commensurate passion mattered more and that is what I go for.

How do you inspire them to give their best?

I try to be a true example of what I expect of them and so, they always pick a cue from my actions, resilience and passion towards the project. I also organize staff meeting once in a while where I ensure share knowledge and inspiration with them. In bitfxt tech limited, we are more of a family and it has helped us bond better.

Despite the obvious hurdles associated with building a start-up, exchanges seem to emerge on a consistent basis. Undoubtedly, most of them do not stand for progress in the ecosystem but those which truly are built with integrity are sure to survive the test of time. One would think this area was already saturated but wait till you hear the name of the next crypto exchange platform in town!

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#BUIDL CLUB – THE STORY BEHIND THE SUCCESS

Blockchain Entrepreneurs- Are They Not Worth Celebrating?

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Over the past two years, the interest in Blockchain on a global scale has skyrocketed. It currently is been view by many as a next-generation solution for both recently discovered and long standing problems as relates to technology and in almost all sectors of the global economy with particular attention in the financial sector.

Because of the tested Prowess of the Blockchain, a lot of weight have been thrown behind supporting the decade old invention. Among many, a few supporters of the next big thing in the tech world are the Government leaders, Industry Bigwigs and a few All-out risk takers who I like to address as the ambitious entrepreneurs – who have given influential endorsements, financial support and further research into the dynamics of the Blockchain respectively.

As a way of reminder, Blockchain was originally developed solely to hold and transact a digital asset- Bitcoin.

Now moving further beyond the Bitcoin saga and bubble, Blockchain, in the past few years, has been used in a broader and more revealing sense. Its ability to offer solutions in various areas of human activities has not only been a plus to it, but has also taken discovery in the IT Industry to a whole new level. It is about time we took a critical look at the brains behind the blockchain projects that have seen the light of day.

There has been a recent upsurge in the demand for people with any form of Blockchain skills, as reported by Upwork; a world leading freelance exchange platform. This is no news as Blockchain provides an whole new area of focus for future tech professionals.

However, in recent times, hypes and various schemes have contributed to the low rate of economic inclusion and mass adoption of the Technology in many geographical areas- areas with optimum use cases. Thus with recent influx of Blockchain projects, only projects with the best tokenomics, strategies and total commitment from the part of the project team are sure to see the light of the day.

According to Ambisafe, only as at October 2017, over 86000 blockchain related projects were already on Github, more statistics were produced by Delloitte as it records that over 8603 new projects based on the blockchain had emerged since after bitcoin code was published in April of 2009.

More exciting news is that only about 8% of these projects manage to stay in operations one year down the line of launch. The need therefore to closely monitor and follow blockchain projects paying rapt attention to the founders and entrepreneurs to gain an insight to their driving force is key to driving mass adoption.

Success in this Industry, is often thought to be impossible or unattainable but guess what, it only takes a meticulous team- built with dedication and full of technical know how to achieve the unimaginable and create a lasting impression on the universe.

#BUIDL CLUB was born out of passion for BLOCKCHAIN ADOPTION and the need to show appreciation to the Entrepreneurs in the space, both locally and globally. We are poised towards revealing and making a global statement for the African, American and Asian Entrepreneur in Blockchain.

The Blockchain Ecosystem

On this note, I call on all leading Stakehodlers in the space to show great appreciation to the geniuses behind numerous blockchain projects that have made life a lot more easier for us enthusiasts. In the coming series of the #BUIDL CLUB, we shall be revealing the various Entrepreneurs in the space; their success stories and their contribution in to the ecosystem.

Click to be a part of #BUIDL CLUB. Send us a few details about your self, your project and its impact on your immediate environment!

#BUIDL CLUB- giving a global face to blockchain entrepreneurs

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