Locus Chain and IDCM to Establish’Blockchain Bank’
Bloom Technology and IDCM Exchange Signed a Technology License and Platform Joint Development Agreement for Global Blockchain Digital Banking Business
On May 4, 2021, Bloom Technology signed a technology license and joint business contract with IDCM, a cryptocurrency exchange, to supply a future decentralized digital banking platform to the mainnet based on Locus Chain.
Locus Chain, developed by Bloom Technology, is a next-generation blockchain platform that implements fast processing performance and scalability in a highly decentralized environment. IDCM has been searching for a high-performance blockchain platform with scalability that does not slow down even when large users flock for a long time, and it concluded that Locus Chain could best solve the requirements and signed this contract with Bloom Technology.
Current blockchains have limitations that cannot be used directly in environments that require fast transaction processing due to their slow performance and high transaction fees. Therefore, in most cases, it is not a block-chain transaction on the surface or in fact a block-chain transaction. In particular, NFT (Non-Fungible Token), which is in the spotlight as a special and new product of blockchain technology, and De-FI (Decentralized Finance), which has been attracting public interest for several years, are also not growing significantly. This is why the transaction volume of the decentralized cryptocurrency exchange is far less than that of the centralized exchange. However, if a high-performance, low-cost blockchain technology based on complete decentralization comes out, its growth potential will be endless.
Digital banking service using blockchain technology is a business field that is expected to decentralize a significant portion of current financial institution services and present a new financial service model in the future. Not only various cryptocurrencies, but also various new services such as NFT transaction/management such as various financial certificates or real estate, which exceed the constraints of centralized business, and linkage with foreign currencies, broaden the horizon of the financial market, allowing more people to receive better services. It is expected to dramatically increase the market size. In the midst of this expectation, system maintenance and investment are being made in various countries.
IDCM and Bloom Technology plan to establish a blockchain digital bank in Dubai, where cryptocurrency trust is recently institutionalized. Through this, IDCM has previously connected Mastercard payment networks in 195 countries around the world with global exchanges to conveniently pay for members’ cryptocurrencies (including Bit, Ether, USDT, etc.) and real currencies (USD, KRW, etc.) in real life or at ATM machines. We will further expand the financial services provided so that we can convert them into cash, and add new services such as NFT conversion of various major certificates and documents, NFT custody service that can safely store them, and De-Fi service using high-speed tokens. It has announced that it will provide a leading global blockchain digital banking service.
To this end, an ultra-low-cost, high-performance blockchain that is capable of real-time high-speed processing and does not slow down even when processing thousands of transactions per second is required.
Joseph Lee, CEO of IDCM ASIA, an exchange based in Singapore, said, “The global blockchain digital banking business is a business with incalculable potential. It is a business that many large exchanges and blockchain-related providers want, but it is still not serviced properly due to lack of technology. We too have spent a long time reviewing many technologies to carry out the business. While unable to find a technology that could actually be used, it was confirmed that Locus Chain developed by Bloom Technology was the only technology that provides decentralization and scalability at low cost, and decided to use it for the next generation of global digital financial services. In addition, application development as well as the base protocol will be built through Bloom Technology, and in the future, we will work with various businesses using the Locus Chain mainnet.”
Lee Sang-yoon, CEO of Bloom Technology, said, “We did our best to implement decentralization, scalability, and ultra-low cost to develop a network that can handle the enormous transaction of global real-world use from the beginning, and it succeeded. Starting with this business, Locus Chain technology will be most spotlighted as a base protocol for next-generation financial services such as De-FI, management of various financial transactions, and NFT transactions.”
Decentralized digital banking services are sure to bring about a major change in finance so far. If the technology of Locus Chain meets the performance required by the service, it is expected that services using Locus Chain technology will greatly advance in the related market in the future and cause a big repercussion in the global market. We look forward to the day when pure domestic developed protocol technology will be used in global banking services.
Notice. This content is a press release of the relevant party, and does not mean that the facts of the information have been confirmed, and may differ from the editorial direction of this magazine.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.