iBBT

Core Mission

Blockchain and distributed ledgers have a bright future. As real-time, open-source and trusted platforms that securely transmit data and value, they can help banks not only reduce the cost of processing payments, but also create new products and services that can generate important new revenue streams.

The biggest key to turning blockchain’s potential into reality is a collaborative effort among iBBT^® Open Banking members to create the network necessary to support global payments. iBBT^® looks at the bigger picture and to work together with merchants—and with non-banks—to help define the backbone that can underpin a universally accepted consumer/merchant adaptable, ubiquitous global payment system that can transform how merchants and consumers execute transactions.

Key Factors to Adaptation

The iBBT^® distributed network is a critical success factor in our blockchain adoption, but there are others. Another important one is generating internal momentum for blockchain consumer/merchant integration and implementation—something that is an area the existing banking and merchants currently struggle to do. iBBT's^® offer of a unique security methodology is another an important reason consumers and merchants embrace iBBT^® Open Banking™ blockchain technologies, and understandably so.

Beyond these factors is something more fundamental: The need to educate key stakeholders within the organization on blockchain’s enormous potential benefits and positive impacts. Finally, we agree with industry experts, that applying blockchain successfully to payments will require fostering an uncommon coordination among merchants—which is vital to generating the positive network effects that make blockchain so compelling and the iBBT Open Banking Network is ready to accept the challenge.

Merchant and emerging financial crypto networks can offer community currency based on iBBT's^® blockchain technology. The advent of smart contracts and new efficiencies in distributed consensus mechanisms has the potential to prime equitable economic activity for a much larger segment of the global population without compromising privacy, transactional throughput or regulatory compliance. Embedding the right incentive structures in a blockchain marketplace could lead to the beginning of a new era of trust, digital-asset based smart economies and improved human cooperation.

We propose the iBBT^® (“iBBT^® Tokens”) as a multi-tiered utility and community currency token in a secure, open banking marketplace system to power digital economies. iBBT^® natively supports an abundance of use cases including universal borderless payments for consumers and merchants.