contracts. Ethereum is the actual blockchain and ‘ether’ is the currency. Ethereum allows for more flexibility with developing blockchain applications, including storing additional data and not just strict financial transactions. BanQu’s patent-pending technology enables storage of key identity data directly on the blockchain without compromising scale and response times. BanQu DOES NOT benefit from the “ether” currency.
What distributed ledger network does BanQu run on?
Why is blockchain better and more sustainable?
It’s more secure than a traditional database because it uses a public key infrastructure (PKI), where users get two keys that don’t perform the same function – one for encryption and one for decryption. Separately, the data is stored on a chain, which requires repetitive computation for processing. It’s less costly, because the distributed system regulates itself and automates much of the overhead generally required for various transactions. For example, the reduction in risk by financial institutions allows them to settle transactions faster and with less scrutiny.
Due to the lower cost, it’s more sustainable for governments, banks, organizations, and small business owners to continue use of the solution. Most important to the BanQu mission, blockchain solutions can live beyond the life of any one entity or organization. If a particular government, financial institution, or even BanQu itself does not carry into the future, individuals identities can live on.
What is a smart contract and how are people using it?
Smart contracts are essentially tiny computer programs that can live on the blockchain. These programs get stored, verified, and executed all by the same blockchain network. This allows for more advanced functions to take place on the blockchain such as verifying an individual meets certain criteria or allowing for the self-regulating of funds or food aid distributed by various organizations.
How do I get started?
Contact us so we can talk through the terms of reference and share our licensing agreement.
Is there a support system, like a help desk?
Is BanQu a Bitcoin company?
BanQu is not a Bitcoin company, although we do use the same infrastructure technology that Bitcoin uses. This technology is called block chain.
How can I install the BanQu app?
What services does BanQu provide?
BanQu provides a range of services to NGOs, financial institutions, and companies. They can all be put into the larger category of economic identity services. Verifiable economic identities are the backbone of all financial transactions. In the U.S., identity is verified through a social security number or driver’s license. In the developing world and in countries where political upheaval or natural disasters have interrupted or prevented the normal mechanisms of identity and verification, BanQu provides a neutral method for verifying identity and enabling participation in the global economy.
The BanQu app provides the three data points that are necessary to any financial transaction:
- “who” are you engaging in commerce with,
- “trust” that the commerce does not put them at risk,
- “record” of the details of the commerce for record keeping purposes.