Project name: SINSO BOX
This project will benefit the poorest people in the world. Anyone participating in the project will be bringing a big change in the lives of the poorest billion people in the world
With the rapid development of technology, banking systems are becoming financial modules in the “clouds”. Over 40% of the world's banking code used today was written in COBOL, a 60-year-old programming language. These closed systems create a huge maintenance workload, making it too costly to build and promote asound banking systems in developing countries. The core business model of banks, like deposit accounts, credit card issuance and supervision, are provided as a form of "service". The centralized service has left at least a billion people without any access to basic banking services such as debit and credit cards.
In his book "Poor Economics," Dr. Banerjee, Noble Prize winner in Economics, identifies ten reasons for the nature of poverty. The core problems, including inadequate social insurance systems and high costs of basic financial services, as well as deep-rooted backward thinking and corruption, making it difficult for the poor to change the status quo. The rapid development of blockchain technology makes us realize that the decentralized technology of blockchain is fully capable of helping countries to establish a more accessible, trustworthy, and transparent financial system, so as to change the current situation of one billion poor people. We will approach developing countries, and will work towards solving this global issue through a new open-source decentralized financial infrastructure. This will create a market of about $25 trillionand will provide the foundation infrastructure necessary.
At present, a successful and low-cost financial system operating in underdeveloped regions is the M-Pesa system in Kenya. M-Pesa skillfully cooperates with retail stores to provide low-cost and fast nationwide financial services through mobile banking. M-Pesa has more than 90% adults as users, 130,000 deposits and withdrawals outlets in Kenya, and almost all stores from large to small-sized in the country support payment with M-Pesa, and the whole system liquidity accounts for nearly 40% of Kenya's GDP.
SINSO BOX is an online platform that will provide infrastructure for underdeveloped regions for medical, finance, and charitable donations using blockchain technology. Inspired by the M-pesa system, we have drawn on the experience of the advantages of M-pesa and made a practice summary, namely, to replace the original centralized SMS bank with the blockchain POC consensus protocol and to build a low-cost financial, medical insurance, and charitable donation system based on the Chia Network.
The SINSO BOX is an open-source decentralized medical insurance and charity donation network system. We adopted innovative business models and technologies to help a region build a new health insurance fund. Based on the national government, employers and individuals' own expenses, we introduce the sponsorship of retail shops and that of a transparent charity donation network.
The introduction of sponsorship from retail stores is not simple. Rather it has a relatively new theoretical foundation called "cross-border conduction effect of consumption capital", behind which the role played by blockchain technology confirms that "consumption capital" will be a powerful capital strength that certainly should not be ignored. We have noted this value and brought it to the medical field, which will make a big difference. We have done a pilot practice of transferring consumption capital to medical insurance in 2018. After three years of technology and experience summaries, we see Chia's ecology and infrastructure can better meet our expectations.
The value of using blockchain technology to build a transparent charity donation network speaks for itself, and Musk's questions about the transparency of donations some time ago also showed the urgent demand for such a system. We hope that this system can play the valuable role of "SmartCoin", as corruption has reduced the large amount of donations to very little money when it goes to the hands of the poor.
High tech finance company based in DIFC, Dubai
Dubai, UAE will be our global operation center. Dubai has very supportive policies towards blockchain and the government is encouraging and promoting new technology. This project will gain attention and investment from the Dubai’s government and investors. Our company is under the process of registration at DIFC. IPs are under registration. The setup will be ready by Jan 2022.