Common questions we get asked
Why is Block Money better than conventional banks?
Block Money is a next generation Bank and utilises modern technology to improve efficiency and security.
Why blockсhain is needed for Block Money?
Block Chain Technology provides transparency for Block Money clients and investors. This way clients can be assured of Block Moneys activities and the security of their invests. Block Money also uses blockchain technology to streamline business activities and improve efficiency and security.
What can I do with tokens?
Tokens provide access to affordable commercial loans via the Block Money platform
What are the project risks?
The main risk is not being able to be licensed Block Money has already received decision in principle for Its regulated activities and will be fully licensed in February 2018 before the Block Money Pre-CCO.
What if the client's default on loans?
All lending is secured on crypto and real world physical assets. Block Money has specific risk management and lending criteria created to protect Block Money from losses. In the event that a client did not fulfil their obligations in the credit contract Block Money will issue legal proceedings and obtain warrant of possession over assets collateralized in the credit agreement.
Can everyone get loans? Selection criteria?
Block Money Lending products are available to businesses only, lending criteria is assessed individually as to provide relevant products and services to clients.
Block Money vs Conventional Banks?
Block Money leverages blockchain technology to create a more secure network, with an immutable audit trail. Coupled with sophisticated encryption and transparent access, Block Money enables complete security in a trustless environment; something conventional banks cannot achieve. By utilizing these advancements in technology, Block Money enjoys cheaper, faster, and more accurate cross-border transactions, cutting out the middle men, and resulting in more effective commercial funding solutions. Our token economy enables all participators in our network to enjoy the benefits of global payments and international commercial funding, while increasing their income stream through the utilization of BNRT.
Why is Blockсhain Needed for Block Money?
Blockchain technology enables Block Money to work with smart contracts. Smart contracts automatically execute transactions upon the fulfilment of the terms in the agreement. This not only cuts out middle men, making the process faster and more efficient, it ensures accuracy, prevents tampering, and records everything immutably. This diminishes human error while increasing the efficiency of the process. Blockchain enables us to provide commercial, global funding solutions more simply, efficiently, and accurately — protecting your security at all times.
What Can I do with BNRT?
BNRT makes our system work simply from anywhere in the world. When you apply for a loan with Block Money, you pay your fees using our BNRT utility token. This means anyone, anywhere in the world can access our global decentralized platforms, giving them access to low-cost commercial funding wherever they are. In addition, BNRT can be used as a payment mechanism. Token holders can benefit from discounts at participating businesses, while businesses can enjoy easier, quicker, and more reliable supply chain logistics and funding access. Tokens can also be exchanged via The Block Money Exchange for FIAT or cryptocurrency.
What are the Project Risks?
At Block Money, we think ahead. That’s why we have our risks well managed. At the start of 2018, our major risk was not being granted our banking license. However, we are now the first fully licensed bank on blockchain. All our commercial loan products are asset-backed, entitling each applicant a FIAT loan equalling up to 50% of the asset value. With these agreements locked into smart contracts, defaulted repayment issues are avoided, while all stakeholders enjoy transparency and security. Legal proceedings will be undertaken if issues expand beyond these measures.
Can Anyone Get a Loan?
Block Money offers asset-backed FIAT commercial loans, meaning that individual people are excluded. Block Money’s products are for businesses only, and are individually tailored per client. Our bespoke B2B loans are customised to fit, and locked into smart contracts to ensure security and transparency. Block Money does not provide individual loans at this point in time.
Legal and Regulation?
Block Money is an international Bank and will adhere to the Basel iii international regulations as well as the regulations of any jurisdiction of which Block Money is conducting business.
How is the security of personal data guaranteed?
All information is secured under International Data Protection Law.