Brisbane, Queensland, Australia – Bankcoin Reserve announced today via its Chairman, Gary McAlister, that they have just been granted the patent on a new method for Banks & Financial Institutions using crypto currency for loans & finance. Example: Bankcoin mines/mints interest/new coin, mines/mints transaction fees, proof of stake, POS. Patent number: 2014101277 priority date 20 October 2014.
An innovation patent lasts up to 8 years and is designed to protect inventions that do not meet the inventive threshold required for standard patents. This patent is unique and only possible because the technology inside it is so new, the wallet houses the fraud & security protection, block chain statistics & block explorer. Mix that with the Bankcoin Reserve Insurance, fixed cap 100M all mined, fixed price 00, ability to mint new coin and mine transaction fees meaning no usury and you have the perfect product for the banks and financial institutions to engage, easily implement and profit from.
When asked how it works McAlister says: New method for banks, financial institutions and monetary funds to provide ethical loans finance including Islamic finance with no interest or usury. Banks, financial institutions and monetary funds can earn the interest or usury using a different process which is an internal crypto currency block chain dependent process.
Customer applies for a loan, bank approves the loan and at the same time the bank acquires Bankcoin to the value of the loan. The bank then leverages the Bankcoin 2x as an example: 1x goes to acquire the Bankcoin and the other goes to the borrower. The borrower makes repayments, however it is only the principle that he owes as there is no interest or usury. This is an absolute game changer not just for the banks but the borrower.
McAlister is also in conversations with those in the Ethical and Islamic banking sector on LinkedIn as this new product does not have an interest component, what is seen to be interest/usury is actually the minting of new coin. What this means is banks all around the world can adopt this new product and attract those in the Islamic sector and give them the opportunity to open up savings and loans at their banks. This is a huge untapped market. There is a 10% commission for sales reps that can introduce our product to Banks and it be implemented.
– See more at: http://www.datsyn.com/press-release/1524/2014/11/11/Bankcoin-leads-the-way-with-its-Ethical-Banking-products#sthash.xjY86iq4.dpuf