The introduction of blockchain technology is changing the way business do their business, perhaps no industry stands to benefits from the integrating blockchain into its business operations more than banking. Financial institutions only operate during business hours, usually five days a week. That mean if you try to deposit a check on Friday at 6pm, you will likely have to wait until Monday morning to see the money hit your account. Even if you do make your deposit during business hours, the transaction can still take one to three days to verify due to the sheer volume of transactions that banks need to settle. PDX enabled blockchain, on the other hand, never sleep.
By utilizing blockchain technology, PDX consumers can see their transactions processed in as little as 10 minutes – basically the time it takes to add a block to the blockchain, regardless of holidays or the time of the day or week. Given the size of the sums involved, even the few days that the money is in transit can carry significant costs and risks for banks.
CURRENCY
Blockchain forms the bedrock for cryptocurrencies like PDX Coin. The United State dollar is controlled by the Federal Reserve. Under this central authority system, a user’s data and currency are technically at the whim of their bank or government. If a user’s bank is hacked, the client private information is at risk. If the client’s bank collapses or the client lives in a country with an unstable government, the value of their currency may be at risk, but by spreading its operation across a network of computers, blockchain allow PDX Coin to operate with the need of a central authority. This not only reduces risk but also eliminates many of the processing and transaction fees. Also using PDX wallet for saving account or a means of payment is especially profound for those who have no state identification.
BANKING VS PDX COIN
PDX Coin have been heralded as being a disruptive force to the finance sector, and especially with the functions of payment and banking. However, bank and decentralized PDX Coin are vastly different. To see how a bank differs from PDX Coin, lets compare the banking system to PDX implementation of blockchain.
- Hours open: Typical brick and mortal banks are open from 9am to 5pm on weekdays. Some banks are open on weekends but with limited hours. PDX have no set hours, open 24/7, 365 days a year
- Transaction Fees: The various fees from banks like card payment, checks, wire (outgoing domestic transfers) and ACH transfers are very high. PDX has variable transaction fees determined by miners and users. This create an open marketplace where if the user set their fees too low their transaction may not be processed.
- Transaction speed: Card payments 24-48 hours, checks 24-72 hours, ACH transfer 24-48 hours, wire within 24 hours unless international. PDX transaction can take as little as 15 minutes and as much as over an hour depending on network congestion.
- Know Your Customer Rules: Bank accounts and other banking products require “Know Your Customer” (KYC) procedures. This means it is legally for bank to record a customer’s identification prior to opening an account. Anyone or anything can participate in PDX’s network with no identification in theory, even with an entity equipped with artificial intelligence could participate.
- Ease of transfers: Government issued identification, a bank account, and mobile phone are the minimum requirements for digital transfers. An internet connection and a mobile phone are the minimum requirement for PDX transfer.
- Privacy: Bank account information is stored in the bank’s private servers and held by the client. Bank account privacy is limited to how secure the bank’s server are. PDX can be as private as the users wishes. All PDX is traceable but it is impossible to establish who has ownership of PDX if it was purchased anonymously.
- Account seizures: Due to KYC laws, governments can easily track people’s bank accounts and seize the assets within them for a variety of reasons. PDX is used anonymously, government would have a hard time tracking it down to seize it.
CONCLUSION (BANKING THE UNBANKED)
In conclusion, the most profound facet of PDX platform is the ability for anyone, regardless of ethnicity, gender, or cultural background, to use it. According to The World Bank, an estimated 1.7 billion adults do not have bank accounts or any means of storing their money or wealth. PDX is positioning itself to bank all that are unbanked and include those that already have an account but need privacy, faster transactions, reduced transaction fees and third-party intermediary. PDX is the future we all dream about.
For more information on how to get involve or get started, visit any of the below links.
Website: https://pdxcoin.io
Telegram: https://t.me/PDX_bounty.
Facebook: https://www.facebook.com/pdxcoin/
Twitter: https://twitter.com/PDX_Coin
Author: Ekwemerenye O.
Bitcointalk: https://bitcointalk.org/index.php?action=profile;u=3437642