ABLE PROJECT: Redefining The Financial And Banking Industry With The Blockchain Technology

capableuwa (44)in #crypto • 6 years ago

The financial institutions such as banks is one of the movers of the world economy today. It is a platform that is responsible for all monetary transactions ranging from sending of funds, depositing of funds to receiving of funds. The banking system have also device a means whereby users can easily transfer money from one country to another.

It is a platform that was formed initially to bring simplicity into financing for individuals who is interested in getting funds from the financial organizations, hence create an avenue for lending and borrowing of funds while playing the role of a middleman between borrowers and investors.

Traditionally the existing financial platform was created to make life easy for its users where funds will be easily accessible by its users whenever they are in need of it. But the reverse has always been the case in this aspect. Users have experience different challenges while using the existing financial systems.

The banking system operates on the principle of centralization where banks takes the row of a middleman between depositors and borrowers. They receive deposits at low interest rates and lend that same money out at high interest while generating more profits for themselves and make life difficult for lenders.

The introduction of the blockchain technology and digital currency creates an avenue for us to transfer digital assets without the help of any financial organization. Hence, different blockchain base platform was designed to provide solutions to the existing problems users of the existing platform have experience over the last couple of years, but none have been able to eradicate the issues completely as these platforms are vulnerable and prone to attack from hackers, and as a centralized platform most the the profits generated is used by them also.

After seeing all the weaknesses from the existing traditional platform and other blockchain projects; Able platform was created to completely and effectively provide an extensive solutions to all the issues users were facing in those platform.

The ABLE Platform
This is a well structured decentralized platform designed on the blockchain technology with aim to bring simplicity to all kinds of financial transactions by first eliminating intermediaries (middlemen) and then bridge the existing gap between investors and borrowers in the ecosystem.

Able platform will offer cryptocurrency service to it users, bring decentralization to the existing financial platform, introduce peer-to-peer exchange between borrowers and investors with maximum satisfaction and guarantee security in the ecosystem.

As a revolutionary platform, Able will ameliorate all challenges and improve on the lending system deployed by the traditional existing banking systems. Transactions fee will be reduced to minimum with agreeable interest rate which will be deployed on the ethereum blockchain and the smart contracts will help to facilitate and validate all the processes to ensure funds are safe for its users.

The Able platform is made up of different component which serves as an important feature in the smooth running of the ecosystem. It has its own mobile application which make it possible for user to transact easily as the interface is user friendly. So it is possible for investors and borrowers to connect at ease.

The smart contracts enable users to make swift payments, loan funds, and manage deposits effectively within the platform with high tendency of making additional profits in the ecosystem. It also consists of the Able framework which is responsible for exchange of cryptocurrency between different blockchain platforms.

Token Economy
The Able platform have it own cryptocurrency coin which will be deployed in carrying out smooth transactions in the ecosystem. These is known as the Able coin and the Able dollar.
Able dollar is used to facilitate payments of interest in form of loans while the Able coin will be used in paying for additional charges incur when using the platform.