Knox WorldPay: The First Blockchain-Based Mobile Money Banking System
The global economy’s growth is highly accredited to mobile banking drivers, including internet and smartphone usage. Recent statistics show more than 4.78 billion phone users globally, with more than 3.5 billion users having smartphones. Moreover, recent research shows that over 79% of smartphone users purchased products online with mobile payment values hitting $503 billion. The influx of mobile phone and internet usage drives great opportunities like marketing and banking.
Although they bring vast growths, these systems face severe issues, including unreliability, inconvenience, usability, and operability. Most platforms rely on databases and networks open to fraud and hacking. Fortunately, a new platform is on the rise, Knox world pay, aiming to transform mobile banking completely.
Knox World-Pay
Knox world pay is the first blockchain-based mobile money banking system. That will be the first platform to ensure actual mass adoption by ending usability and accessibility problems, thus banking the over 1.7 billion unbanked. This new platform enjoys the Apollo blockchain’s functionalities, the most prolific blockchain in the crypto space. This earth shaping product’s introduction will be a significant boost in the growth of cryptocurrencies by offering unparalleled access to the crypto world.
The Knox world pay platform will allow users to transact bitcoins by SMSin just 2 seconds. Currently, most crypto exchanges are only operable in smart gadgets; however, remote phone users are quite unable to enjoy the crypto world’s services. Knox enabling of crypto SMS payments will make it easy for persons without internet devices to access banking and crypto. Moreover, Knox comes with a POS option for merchants, a POS that allows them to accept SMS and crypto payments.
On top of SMS payment, Knox will provide other offline payment options, including offline QR scan codes, which will ease access in areas without useful internet. Physical blockchain billing systems and other newer, better technology will increase access, thus fastening the adoption.
Looking at the blockchains hub functionalities helps fathom what the Knox world pay platform can do. Here are a few of the critical benefits of Knox World Pay.
Reliable Systems and Database
The Knox World Pay platform enjoys some core blockchain benefits, including reliable, immutable databases. Its host, the Apollo blockchain, is widely praised for its unique features like database level sharding. The sharding technique involves the breakdown of the database into small independent partitions dubbed shards.
These shards are independently operational in that they can compute data and complete transactions depending on the sharding techniques used. Moreover, sharding allows adding more computers into the computing chain, thus expanding the computing capability. More computers mean faster operations, hence more transaction approval per second. Moreover, unlike many blockchains that experience downtimes because of scalability issues, Apollo blockchain is fully reliable all the time.
Knox pay platform will be the first mobile money banking application to run entirely without downtimes. Moreover, it will enjoy the benefits of an ever-expanding database, completing transactions as soon as the payers pay. Sharding has a security advantage to Knox world pay since even when hackers attack part of the blockchain, they cant attack the whole system.
Fraud Free Banking Platforms
Fraud is another severe problem that’s fast devouring the entire banking and financial world. Mobile banking is probably the easiest way of committing financial fraud. From fraudulent bank employees, dishonest traders, and government workers. There is an annual surge of fraud. For instance, in 2019, consumers reported losing close to $1.9 billion in fraud, increasing by $293 million from 2018’s figure. The traditional banking systems are entirely unable to eradicate the problems of money laundering and fraudulent transactions.
However, leveraging blockchain capabilities in mobile banking is the long-awaited answer to fraud. The apollo blockchain, just like any other blockchain, transparently displays transactions for everyone to see. Therefore, any transactions going through the Knox world pay app will be openly visible in the blockchain. Moreover, as aforementioned, blockchains are permanent data stores; therefore,n the blockchain details are unerasable and unchangeable. The never-changing aspect of the Apollo blockchain will foster better, more reliable mobile banking opportunities. That will utterly drive people to focus on digital payments and register for banking services.
Quantum Resistant Mobile Banking System
Soon the globing will be migrating to quantum computing techniques. Quantum computing will foster faster adoption since it will involve less power but more efficiency in computing complex algorithms. However, quantum computing’s core pro is that all nonquantum-enabled programs won’t survive long in the quantum computing system. However, that is true with all currently existing mobile banking platforms; they will not survive quantum migration.
Apollo blockchain is the only quantum-resistant blockchain in the globe today, meaning that in a quantum migration, Apollo will be the last blockchain standing. The Knox exchange will, therefore, be the ultimate mobile banking system.
Final Words
Know world pay is the first blockchain-powered mobile banking system, and as such, it brings a vast array of unique capabilities. Foremost, this platform solves the usability and accessibility problems in banking. It achieves that by giving better mobile banking options, including SMS, offline QR, and many other applications. Moreover, the platform drives faster adoption of digital payments by allowing users to transact BTC via SMS.
Moreover, Knox world pay will offer users secure, fast, and immutable transactions because of the blockchain hub. Doing that will bring an ultimate end to fraud in mobile banking by fostering openness in dealings. Knox world pay will be the first quantum-safe mobile mone application; thus, it will thrive even post-quantum migration.