Before 2008, markets were performing well and global economies were boom- ing, until one day Lehman Brothers fell, the financial system froze, and the world economy almost collapsed. The root cause wasn’t just reckless lending and lack of transparency, but rather the financial sector’s failure to keep up with innovation. The bank’s collapse has become the defining moment for the financial crisis as central banks and governments rushed to bail out other troubled banks in the US and UK. Toavoid suchcrisis inthe future, and outof danger towards the banking system for the collapse, unfairness, inefficiency and disappointment, a new eco system is required where all these problems are addressed profoundly and the user don’t have to rely on central authorities whose action may result the system to collapse. AIBITtech is a financial ecosystem intended to solve these problems associated with the traditional banking. It allows users to get rid of all the problems within traditional financial system by providing them with a decentralized exchange of digital data between its peers featuring an incorruptible ledger recording all transactions. Based on ethereum blockchain, the process is fully transparent at all times. AIBITtech financial ecosystem consists of a complete package of financial solutions such as: AIBITPay, AIBITTrade, AIBITBank and AIBITmall. Allthese products are based on decentralized texhnology and ensures that there is no single point of failure and independent of any immediately for transactional purposes. This whitepaper comprehensively covers the idea of AIBITtech Financial ecosystem.
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