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Blockchain Banking Solution with Superior Security Level

Banking system with e Wallet powered by enterprise Blockchain system that enables cryptocurrencies adoption in daily life.

Introduction  

Blockchain and cryptocurrency technologies are rapidly evolving, framing a completely new financial market powered by decentralization. Numerous types of blockchain networks, consensus algorithms and platforms were tested before the community exposed the way to use cryptocurrency payments for routine transactions. According to Chainalysis, consumers used bitcoin on merchant services for a monthly average of $190.2 million in 2017, compared with just $9.8 million a month in 2013.

The Story

The main goal of our client and his project was to create a secure cryptocurrency wallet and blockchain platform, to make cryptocurrencies closer to the end users and merchants across the world. This banking product should be capable of handling both online and PoS payments in a traditional hassle-free way.

The biggest problem was associated with digital asset storage and authorization. Lack of attention to the storage security could lead to irrevocable losses of the huge amounts of assets. To tackle these issues we applied our industry expertise and the security best practices to create crypto banking software that meets high-level safety standards.

The Solution

Following the client’s vision, Velmie built a blockchain banking solution with iOS, Android, Web platforms support. The convenience for cryptocurrency holders came with over 150 currencies supported by the wallet and seamlessly converted into any fiat currency for instant purchases.

Wallet Features

* Digital self-onboarding

* Instant money transfers and confirmations

* Seamless currency conversion

* NFC and QR code payments

* KYC protocol

* Branded payment cards

* Merchant apps

In order to support that, there was a unique blockchain network and consensus algorithms designed, supporting over 100K transactions per second compared to about 65K transactions/second handled by Visa.

The Story

The main goal of our client and his project was to create a secure cryptocurrency wallet and blockchain platform, to make cryptocurrencies closer to the end users and merchants across the world. This banking product should be capable of handling both online and PoS payments in a traditional hassle-free way.

The biggest problem was associated with digital asset storage and authorization. Lack of attention to the storage security could lead to irrevocable losses of the huge amounts of assets. To tackle these issues we applied our industry expertise and the security best practices to create crypto banking software that meets high-level safety standards.

The Solution

Following the client’s vision, Velmie built a blockchain banking solution with iOS, Android, Web platforms support. The convenience for cryptocurrency holders came with over 150 currencies supported by the wallet and seamlessly converted into any fiat currency for instant purchases.

Wallet Features

* Digital self-onboarding

* Instant money transfers and confirmations

* Seamless currency conversion

* NFC and QR code payments

* KYC protocol

* Branded payment cards

* Merchant apps

In order to support that, there was a unique blockchain network and consensus algorithms designed, supporting over 100K transactions per second compared to about 65K transactions/second handled by Visa.

Blockchain Banking Solution Security

We met the high level of user data and digital assets security by implementing Multi Secure Technology with the following attributes:

* Dynamic biometrics authentication to initiate payments

* Two-factor authentication (2FA)

* Multi signature transactions

* Multi decentralized private blockchain network that _safeguards user’s information by splitting it and storing _on different blockchains

* Private key recovery service allows users to restore the _private keys. All the keys are stored in physically _isolated cold storage, making it impossible to access _the keys without a proper biometric verification.

The Outcomes

This project set the industry benchmark in terms of convenience and security for day-to-day operations with cryptocurrencies and enabled faster cryptocurrency adoption. This crypto wallet app supporting Bitcoin, Ethereum and 150+ other cryptocurrencies became a convenient alternative to traditional payment platforms.

The delivered blockchain banking solution successfully obtained U.S. SEC approval for its Regulation D filing and EU license, proving the overall security of the data storage, authentication and transaction processing.

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