Mobile money development has brought some of the best solutions to banking problems encouraging savings globally. Low-income earners best benefit from mobile banking since they opt to use it to protect their wealth rather than banks. Although the platforms significantly drive economic growth, most venues have no institutional impact. For instance, they do not solve governments’ problems, including fraud, inflation, and many others.
Knox World Pay, the soon to be unveiled Apollo fintech product, will be the ultimate mobile banking platform introducing a vast range of solutions. The Apollo blockchain-based platform enjoys the blockchain benefits in crypto service provision, offering offline SMS payment options. Moreover, it cultivates solutions to global institutions, from individuals, corporations to governments.
Knox Impact on Individuals and Corporations Transactions
Knox World Pay’s benefit will extend to individuals and corporations globally, offering the best crypto benefits. Foremost, Knox hosts many cryptocurrencies, including ethereum, bitcoin, and in the long run, all cryptocurrencies. Hubbing the currencies will help grow their adoption to institutional use. The new Knox platform will also have a significant impact on persons transacting individually.
Knox will bring a vast array of transactional benefits to individuals and institutions, including;
Fostering High-Value Transactions
Corporations and institutions often need networks to complete high-value transactions for business, wages, or massive asset purchasing. Current banking institutions have maximum limits for high transaction values, making it hard for institutions to complete massive payments. Moreover, those allowing high transactions often require a long series of form-filling.
Leveraging cryptocurrencies in completing high-value transactions will help in easing the hassles since the transactions are unregulated. Moreover, a single bitcoin is worth an average of 10 thousand USD, hence transacting just ten bitcoins is a high-value transaction; however, Knox does not set a transaction limit.
Fraud Free Network
Fraud and dishonest employees are among the critical problems affecting corporations and institutions globally. A PWC report stated that at least 47% of global companies experienced fraud between 2018 and 2019, proving how menacing corruption is. However, leveraging Knox and Apollo blockchain capabilities will help institutions and corporations protect their funds from corruption.
The blockchain is primarily an open network where transactions go transparently; thus, everyone in the chain can view. Moreover, as blockchains are immutable networks, transactions in them remain unerasable and unchangeable. Any time in the future, when 3rd parties want to audit a company’s bank and payment details, they’ll find the Knox payment details. Knox will, therefore, be the solution to fraudulent transactions and dishonest persons.
Privacy and Insecurity
Transactional privacy is among the core things making people shun away from using banking systems, especially physical banking. Whenever one goes in and out of the banks, criminals can see and attack them, thus posing security threats to the investor and their wealth. Therefore, fostering privacy and security for transactions will cause a mass uptake of banking services and cryptocurrencies globally.
Knox World Pay is the much-awaited solution to top privacy and insecurity problems in the crypto banking business. The platform’s Apollo base guarantees not only transactional confidentiality but also the safety of personal details. Knox leverages the Apollo blockchain’s IP masking technique, which hides the computer’s IP address in use. The IP address left visible is that of a central computer; therefore, criminals will not trace back transactions to their source. Moreover, Knox is an offline application meaning it’s not prone to hacking and phishing attacks that mainly occur to internet-based wallets.
Banking institutions systems delay transactions by days, sometimes even weeks; for instance, it takes even a week or more for loan approval. Moreover, when sending money or making payments, it takes minutes to approve the charges and credit them to their respective accounts.
However, using Knox for individuals and corporates helps achieve faster peer to peer payments and exchanges. For instance, crypto SMS transactions usually take two seconds to complete.
Other functions like database sharding and adaptive forging also bolster the transaction speeds to less than two seconds. For instance, database sharding helps accelerate the database functions by adding more computers into the line, thus distributing the transaction completion process. Adaptive forging also stops the nonstop block creation in blockchain, thus ensuring there is enough resource for the transaction.
Knox for The Government
How will Knox World Pay mobile banking platform impact the government? Consider the central issue of inflation in government currencies; how can mobile digital payments impact inflation? Digital currencies are immune to inflation, and instead, some like BTC increase in value over time. Therefore, the governments will be induced to use digital currencies in their businesses and, in the process, adopt digital currencies for daily business. One of the coins set to outstand after Knox’s introduction is APL, whose holders will earn dividends from Knox’s profits.
Another problem affecting governments is skyrocketing corruption, which awaits solving by the NPP. Leveraging the powers of a transparent, immutable platform helps reverse the effects of corruption by ending it altogether.
Moreso, Knox will help create employment opportunities, thus fulfilling some of the government plans of maximum employment. The agency option helps create earning opportunities since the agents can develop a network of subagents.
Knox’s inception into the financial world aims to ensure proper economic improvements for individuals, corporations, and the government in general. Individuals and corporations enjoy the power of safe, fast, and reliable transacting systems. Moreso, leveraging transaction options free from fraud and value regulation is a big plus for investors. The Apollo hub also fosters faster non-delaying transactions 24/7.
Governments will also be significant beneficiaries of the Knox world Pay platform since they will have a fraud-free platform and a deflationary currency. Creating employment opportunities by the agency network will be a massive boost for every government achieving its goals. Looking at this new platform, in general, assures everyone that it has more institutional benefits than any other mobile banking platform.