Share Internet Data Ltd (SID) Internet crowdsourcing company has launched a blockchain-based digital banking solution in tandem with LDJ Capital. According to the July 16 press release, the new digital banking app is known as LDJ Digital.
LDG Digital supports cryptocurrencies and fiat money as well as able to function as a debit card. The report notes that these features make the app more appropriate for giving the unbanked relevant banking services.
LDJ Digital, which relies on its principles and core technologies, is in the existing SID platform. Most unbanked people will be able to access and afford banking services since the SID and blockchain technology is encompassed LDJ Digital.
Mobile app users will get internet (in a manner that resembles a hotspot) owing to SID. But, the distinguishing factor is that a password will not be required for a SID user to access hotspot. Instead, when SID users are close to each other, the app will just automatically generate a one-time-use password.
Since it has completed an Initial Token Offering, SID is able to facilitate tokens to be exchanged for Internet usage using blockchain-based contracts
Jose Merino, LDJ Digital CEO, believes that a free Internet ecosystem facilitates financial inclusion, saying that:
“Free access to the internet opens the floodgates of access to a host of other global resources. Financial inclusion is one of logical results of this. The SID ecosystem is setup to support a robust community that embraces educational, social, and financial inclusion among others.”
In June, Helium — the company which Napster creator Shawn Fanning formed — decided to put up a limited launch of devices that use the Internet of Things (IoT) hotspot of the company.
Use cases harnessing a wide array of sensing mechanisms of various devices and creation of a decentralized Internet ecosystem were amongst some of the aims of the project. Tracking pets and location-detecting sensors (which deter bike theft) formed part of use cases.