Polish/UK Blockchain company Billon is going to offer Twitch content producers the opportunity to receive ‘tips’ from fans that completely bypass the banking system. To gather tips, Twitch content producers can add a pay button to their pages and fans can pay them. The system allows Twitch stars to cash out in multiple ways including via cash, pre-paid cards, vouchers, and checks.
The solution works on phones or laptops, and moves money peer-to-peer – basically, the money does not circulate in the system between banks, but between users.
To use Billon, one just needs to download the free app, and register in Billon, similarly to any other app, like Skype, Facebook or Twitch. In order to register one needs to provide only two data points: a login name, and password. With these two data points your digital ID is created. This digital ID is created within Billon collaboration with financial institutions. These financial institutions are typically banks or e-money license holders (same institutions that issue credit cards or create bank accounts). So technically speaking, every user (and his login name) is being registered with the financial institution of users choice. Once user is registered, you can start topping up Billon app with real money to make digital cash transactions with any other user. Users can also do cardless withdrawal at any participating ATM or cash-out to any bank account.
In short, the first piece of Billon technology (blockchain genesis block) is put behind banking (or e-money institution) firewalls, so everything we do is in-line with banking regulations, especially with Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) procedures. This piece of technology enables issuing bank (the one that is responsible for digital money) to convert traditional paper or “bank money” into digital cash and send it directly to your Billon app. The same Billon software is used to redeem digital cash as “bank money” or paper money at ATM.
Billon does not require anyone to own a bank account, as Billon tech is fully independent of any existing bank solutions. Therefore as a user, you get full digital cash experience, without the hassle and costs associated with owning a bank account. In the future, they plan to fully integrate the Billon app into other bank accounts, so that you will be able to see your bank account balance in your Billon app, or take an instant loan from your financial institution.
And it’s safer than any bank account. Their tech infrastructure and architecture is blockchain based, and not core-banking system based. It means, that data that is transmitted between Billon apps is encrypted, and never stored on any server. Therefore even if someone breaks into a financial institution that issues your digital cash, the hacker will not steal your money, will not steal information about your transactions, and will not force you to change passwords… because this information is simply not in the bank, so there is nothing to be stolen.
It’s no wonder banks want a piece of the action.
Financial groups are racing to harness the power of the Blockchain to slash costs according the Financial Times:
For the financial services sector it offers the opportunity to overhaul existing banking infrastructure, speed settlements and streamline stock exchanges, although regulators will want to be assured that it can be done securely. The developments potentially combine two of the most dynamic industries: the computing hub of Silicon Valley and the money management of Wall Street and the City of London.
“We could go the way that file transfer technology changed music, allowing new businesses like iTunes to emerge,” says Michael Harte, chief operations and technology officer at Barclays. “That is why there is such feverish activity at the moment.”
The Blockchain solves some key technological problem of banks such as how to protect access to confidential data. And Blockchain and Billon do exactly that: banks (and financial institutions) don’t need to build expensive data centers to store and process customer data, with sophisticated firewalls to protect access to these information. With Billon, all data is stored on users’ device, and all transactions happen on peer-to-peer basis, meaning when users move money between one another, bank central infrastructure is never used. This means radical cost savings for the banks. No more excessive transaction processing costs, no more timeful transaction authorizations, no more expensive transaction settlements, no more complex transactional counterparty risk, no more lengthy transactional chargeback procedures, no more exorbitant IT infrastructure designed to handle transactional peak volumes.
By design, Billon is significantly cheaper than any other electronic money provider – they don’t require banks to invest into new hardware, software and their integration can be implemented within 12 weeks… therefore, compared to alternatives like payment cards, checks or core-banking system architecture, Billon is 90 per cent cheaper to implement and nearly 100 per cent cheaper to operate. Billon fees typically are based on revenue-share models to eliminate costly upfront investments on the bank side.
Billon co-founder Andrzej Horoszczak talked to Techcrunch:
“Billon has created the world’s first blockchain enabling government currency transactions that is compliant with regulations. This is important – mass adoption can only occur if clients are using their existing mobile phones and favorite local currency,” said Horoszczak. “Today, payments are a broken end-to-end value chain full of intermediaries, payment insurers, liquidity providers, clearing agents, settlement agents, and account holders. Imagine giving the power to truly provide an end-to-end solution…and eliminate all the cost, risk, and hassle that exists today.”
More from Techcrunch:
They recently brought on David Putts in Europe as Chairman. Putts founded three banks in Europe and spent 10 years at McKinsey. The company has raised angel funding and recently headquartered in London.
Horoszczak sees his company as one of the first fully regulated P2P payments companies, which is a hard thing to be.
You can watch another video on Billon technology here. Or below.
- Pulsar Venture Capital Holds ICO to Raise Money Using Blockchain - October 19, 2017
- Dash Expands Reach In Asia Through Cooperation With Rising Fintech Company QUOINE - October 19, 2017
- Hacken and Neuromation Partnership Launched to Stomp out Blockchain Cybercrime - October 19, 2017
- Playkey Brings in $1 Million in Pre-Sale Campaign and Welcomes Dillon Seo as VR Advisor - October 19, 2017
- SolarCoin Founders Introduce New Blockchain-Based Network for Global, Decentralized Energy Trading - October 19, 2017
- Kazakhstan’s Lendex.io plans ICO in early 2018 - October 19, 2017
- Swissborg – The Blockchain Era of Swiss Private Banking – Announced ICO - October 19, 2017
- Bank4YOU Group’s launches ICO end of October – Investors Call to Action - October 19, 2017
- Live Pre-sale of Trive: Fights Fake News Using Cryptocurrency and Crowdsourced Research - October 19, 2017
- A New Ozone Layer? Arcona Plans for Augmented Reality Layer to Cover Earth Surface in new AR project - October 19, 2017
- Cofound.it Introduces Seed Program for Early Blockchain Startups - October 19, 2017
- LOOMIA Announces Collaboration With Storj Labs, Introduces Smart Fabrics and Consumer Data to Blockchain Technology - October 19, 2017
- DECENT Launches Beta Release of DECENT GO, The First Decentralized Marketplace for Digital Content - October 19, 2017
- Orebits Corporation, Inc. Announces Orebits Pool, LLC and Orebits.AU Eco-System - October 19, 2017
- Pareto – the Peer to Peer Financial Content Marketplace Announces Token Sale - October 19, 2017
- Appsolutely Launches the LoyalPlatform, LoyalCoin and LoyalWallet; Using Blockchain to Usher in the New “Loyalty Economy” - October 19, 2017
- Eidoo Raises $27.9m In Successful ICO To Bridge The Cryptocurrency Gap And Open The World Of Digital Currencies To The Masses - October 19, 2017
- Malta-based RoboAdvisorCoin (RAC) Launches Token Sale for Robo-Advisor Dedicated to Cryptocurrencies and Digital Assets - October 19, 2017
- BLOCKv Announces the Availability of VEE Tokens Through Its Upcoming Token Generation Event – Open to Public on October 19, 2017 - October 19, 2017
- The Fundchain initiative starts again this year with new Research & Development roadmap for the investment fund industry - October 19, 2017
- Digital Cryptocurrency Vault DigiPulse Reaches $1 million in Token Sale - October 19, 2017
- Tickets Cloud Kicks off crypto.tickets ICO - October 19, 2017
- Ex-JP Morgan Vice President Dr Joseph Chen-Yu Wang Joins Ambrosus as Project Manager - October 19, 2017
- Russian Wood for Cryptocurrency – Timber! - October 19, 2017
- Proof Suite Announces Token Sale for Blockchain Platform Designed to Tokenize and Insure Real World Assets - October 19, 2017
- DataWallet Announces Blockchain-Based, Consumer-to-Business Data Exchange - October 19, 2017
- IEEE Releases Findings from First Detailed Study of Blockchain Adoption in the Pharmaceutical Enterprise - October 19, 2017
- Horizon State Launches Token Sale to Modernize Global Voting and Collaborative Decision Making - October 19, 2017
- Metaps Plans to Launch Time Marketplace ‘Timebank’ Token Sale on COMSA - October 19, 2017
- Lykke Vanuatu brings Binary.com tokens to Lykke Vanuatu Exchange - October 19, 2017
- After raising $15M in a pre-sale, BitClave is ramping up for its Nov 8 crowdsale, and its plans to redefine the search experience - October 19, 2017
- Kazakhstan Is About To Launch The First Cryptocurrency, Directly Backed By Fiat Money - October 19, 2017
- Positive.com launches to protect Initial Coin Offerings from cyber attack - October 19, 2017
- Latium Launches LATX Cryptocurrency Token Sale for Participation in AI-Based Tasking Platform - October 18, 2017
- IBM Announces Major Blockchain Solution to Speed Global Payments - October 18, 2017
- Launch of SMSCHAIN, a Blockchain-based SMS Gateway - October 18, 2017
- Streamr Concludes a 30 Million CHF Crowd Contribution Period to Build Decentralized Real-Time Data Economy - October 18, 2017
- Publica Building New eCommerce Platform for the Publishing Ecosystem – Token Sale Coming Soon - October 18, 2017
- BLOCKv Partners with Storj Labs to Provide Decentralized Storage Architecture and New Toolsets to Power Next Generation Digital Objects - October 18, 2017
- Coinme Announces the Start of the UpToken Sale Today With Over $40 Million USD in Pre-Registration Signups - October 18, 2017
- Blockbid Announces Launch Of ICO Backed By Multi-Cryptocurrency Trading Platform - October 18, 2017
- SportyFi – Decentralized Sports Investment Start-up Endorsed by Soccer Superstar Roberto Carlos - October 16, 2017
- Acronis Joins Runa Capital and Parallels In Accelerating Innovation and Supporting Blockchain Initiatives in Malta - October 16, 2017
- Jaxx Allows First Crowdsale Participation with STORM Token - October 16, 2017
- Hyperledger Knits New Project – Hyperledger Quilt - October 16, 2017
- Legolas Exchange Partners With BanQix to Protect Institutional Investors - October 16, 2017
- MARK.SPACE Announces Launch Of Blockchain-powered VR-platform With Upcoming Token Crowdsale - October 16, 2017
- IRTI Partners With Ateon And Settlemint To Develop Blockchain-based Products For Financial Inclusion - October 16, 2017
- Golden Alliance Coin Announces ICO – For Mining Gold - October 16, 2017
- Media Aggregator Esports Gold Announces $5 Million Ethereum Token Sale - October 16, 2017