Bank Corporate Trust and the Blockchain; a New Dimension
After the COVID19 disruption and many accusations filed against big multinationals, many investors have been weary of corporate systems, especially financial institutions. The narrative is that these systems have teamed up with government and tax officers against citizens, and the aim is to find plausible ways to extort these citizens.
Beyond finance, data and privacy breaches have been a hot topic. Many users of websites and social media platforms are weary of their data being let out by these big corporations for money. The user whose data was used often does not get incentivized, but these corporations benefit significantly from their information.
Blockchain technology has been adopted quickly ever since it became popular. The founding themes surrounding blockchain technology are; decentralization, transparency, anonymity and community.
How can a platform provide anonymity and still provide transparency?
The platform's anonymity is not that its users do not have a unique identity, but their physical identity is concealed, and a unique code or appellation is conferred on them. This unusual name does not include your name, it's a series of regulations, and with this, a user is identified on the blockchain.
Every transaction is recorded on a unique block and verified by a community of people in the network. So, a person with ten coins and sends 5 of their currencies to someone else is recorded on a unique block, and a community of people has to verify whether that transaction is valid.
While your identity is private, everyone can access your transactional data–this process is done very quickly. Every new block is attached to previous blocks, which is why it's called a blockchain, or a chain of blocks containing the history of all the activities performed on the blockchain.
With that, people can confirm and know if your claim is valid. The blockchain is also a very secure platform because no one can forge or alter your existing data. Once it is verified, it is permanent and inalterable.
The application of blockchain goes beyond just trading coins, and this is because the blockchain is an online ledger, a record-keeping platform that offers the security of data. No one can claim ownership of your data, and you have the right also to trade your data with anyone and be incentivized for it. Transactions happen on the blockchain quickly, even the verification of your transactions.
Blockchain and Bank Corporate Trusts
Blockchain offers new possibilities in bank corporate trust management because now, all of the data of the grantor can be attributed to the blockchain. All their assets can be listed and transacted without revealing the grantor's identity.
Government laws often limit corporate trusts; blockchain bypasses government laws and is not bound by them because its system is decentralized and managed by smart contracts. It means no superpower or oligarch owns the system, and it is run and secured by a community of people or a network.
A smart contract is a digital contract that executes itself upon fulfilling the terms of the agreement. It eradicates the need for physical agents (corporate bank trustees) to help monitor or mediate between investors and grantors, as smart contracts can take care of the process. Also, the disbursement of dividends at the end of every financial year can be quickly done through these smart contracts.
There would be no need for many staff to manage the grantor's assets, as these smart contracts can automate these processes. They are saving cost, saving time. Also, on the blockchain, data can be easily recalled and scrutinized. Blockchain also provides for the proper management of tax rates because assets cannot be traced to your physical names; the government can only tax identifiable assets.
The blockchain offers a technology that is secure, quick, and saves more cost to both establish and maintain in comparison to traditional corporate trust systems.
A blockchain is a block of chains that contain details of every transaction carried out on it—an online ledger with unalterable data.
It is secure, faster, and costs less than traditional corporate trust systems.
Offers users indemnity.
It has a wide range of application
The user owns the data, and the data cannot be used without permission or offering incentives.
It is not limited or bound by the laws of a specific location.
It can be operated globally, which means one can access its assets anywhere in the world.
At BancorpTrust, we help corporate institutions and individuals achieve their digital and traditional Trust goals using blockchain technology. Users will no longer need to go through all the difficulties associated with creating and managing a corporate bank trust.
Register your Corporate Bank Trust Company Today
With the experience of over three decades working in the realm of finance, BancorpTrust is a licensed investment bank specialized in establishing Investment banks, offshore banks, Investment Funds, Investment Banking Trusts, Corporate Bank Trusts, Real Estate Funds, Investment Banking Blockchain Trusts, Credit Unions, Capital Trusts, cryptocurrency exchange, etc., at a competitive price, including your own private label Mobile Banking Platform, your own API, your own SWIFT code, yet without the bureaucratic "red tape"…
Our new project Blockchain DigitalCity is an extension to BancorpTrust that aims to give complete autonomy and empowers entrepreneurs like you to operate and live from their exclusive and tax exempt executive villa in the Dominican Republic.
The management team of BancorpTrust has been in this industry since 1990 and has a track record of successful Investment Bank establishments for over 3 decades.
For a confidential consultation on how to establish your own Investment Bank or Offshore Bank & Capital Trust, please contact:
Tel. No: +1-587-430-2692