Internet crowdsourcing firm Share Internet Data Ltd (SID) has partnered with private equity firm LDJ Capital to launch a blockchain-based digital banking answer. The new digital banking app is called LDJ Digital, in response to a press release on July 16.
In line with the announcement, LDG Digital can function as a debit card, and it helps both fiat cash and cryptocurrencies. Moreover, the professed aim of LDJ Digital is to provide banking services to the unbanked, as per the report.
LDJ Digital will reportedly be part of the existing SID platform and is based on its core technologies and principles. The SID and blockchain technology underpinning LDJ Digital will purportedly make banking accessible and affordable for the unbanked, the press launch says.
SID reportedly permits customers to supply Internet to other customers via its mobile app, considerably like a mobile hotspot. Nevertheless, SID customers do not have to acquire a password to achieve hotspot access; instead, the app automatically generates a one-time-use password when SID customers are in proximity of one another.
As per its website, SID has accomplished an Initial Token Providing and uses blockchain-based contracts to trade tokens in exchange for Internet utilization.
LDJ Digital CEO Jose Merino commented that financial inclusion is a natural upshot of a free Internet ecosystem.
As beforehand reported by Cointelegraph, Napster creator Shawn Fanning’s firm Helium performed a limited launch of the corporate’s Internet of Things (IoT) hotspot gadgets in June. This undertaking additionally aimed to create a decentralized Internet ecosystem and additional meant to offer an array of use circumstances harnessing the devices’ sensing mechanisms. Use instances included tracking pets and stopping bike theft via location-detecting sensors.