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BullionBlock: Democratizing and Revolutionizing the Global Financial Landscape


The economic roller coaster of booms and busts has impacted the world to a great extent especially during the last decade. The main culprit responsible for this episode is the increasing instability of centralized currencies brought by the banking industry.

Backed by an overwhelming history of crisis and failure, the centralized, for-profit banking sector has been falling back in meeting the advanced needs of the global population while making the digital transaction process inconvenient and unnecessarily expensive.

Not surprisingly, this raised the need for a stable, efficient, sustainable and decentralized financial ecosystem that puts people before profit. And this is exactly what this leading multifaceted fintech startup company intends to offer through its digital fintech platform called BULLIONBLOCK.

The company is founded upon the principle that the security and integrity of BULLIONBLOCK's fin-tech systems are of paramount importance, along with customer service and support.

BULLIONBLOCK is a world’s first fully Encrypted Ledger System on decentralized private permission-based Blockchain.  This provides extra levels of security as opposed to public open-source-based Blockchain systems such as Hyperledger and Ethereum.

It is important to point out that there is currently no ledger level encryption used in the financial sector.

Moreover, the BULLIONBLOCK system framework is designed with various modules that are fully compliant to the PA-DSS mandates, including the OWASP compliance of the Mobile and Web UI Front end as laid out by the PCI Security Standards Council.

The Emergence of a Blockchain-Powered Customer-Centric Fintech

As a consequence of 2008 Global Economic Crisis (GFC), when the global financial scenario was going through a catastrophic moment, Ilias Bafas, the founder of BULLIONBLOCK, realized the need for a stable and secure decentralized financial ecosystem.

Therefore, in 2012, the Crypto Mint BullionBlock started with a vision to create the opportunity for billions of people in the global incomplete financial services market so that they can invest, buy, pay and sell items or services.

Ilias explains, “The BULLIONBLOCK innovation has the potential to bring people out of poverty by solving financial exclusion which will revolutionize the financial service industry. The BULLIONBLOCK ecosystem will be vital to improving the economies of the world’s unbanked, underbanked regions, thus raising the global GDP.”

He adds, “BULLIONBLOCK will disrupt existing industry structures by democratizing access to mobile financial technology products with significant efficiency, privacy to the users, negligible fees, enhanced services and offerings that alleviate customer pain-points.”

The startup is currently setting up its headquarters in Singapore. The company is multifaceted with two principal subsidiary companies: the Hong Kong fintech, BullionBlock.cash which aims to service the Asia Pacific region and the Crypto Mint decentralized exchange (DEX) located in Australia which will target global crypto traders.

Furthermore, this innovative startup has partnered with three diverse fintech platforms, one located in the USA and the others in the EU. BULLIONBLOCK has plans to brand and launch the White-Label licensed platforms as CashCrossBorders.com in both markets enabling crypto holders with the ability to use their cryptocurrencies like any fiat currency through the BullionBlock Branded White-label Wallet and Debit Card platforms using the backend partnered exchanges.

A Genuine Fintech Alternative to Traditional Financial Services

“BULLIONBLOCK is a digital financial services technology ecosystem designed to reduce your costs, increase your revenue and remove friction by delivering a lifestyle product on a mobile platform providing a better experience, in other words, a user-friendly electronic money account that inspires and meets the individual needs of the digital age users,” says Ilias.

Unlike traditional financial services, this platform is not tied to one specific government, country, currency or any specific bank. Therefore, it is crisis-proof and conflict-free. 

“The financial preservation platform BULLIONBLOCK is a scalable digital payment ecosystem with its own stablecoin named Crypto Mint BullionBlock (CMBB Token). The BULLIONBLOCK ecosystem is governed by the objectivity of decentralized blockchain technology and backed by the inflationary hedge of physical bullion reserves. People's money should be tamper-proof, stable in value—and that's precisely what we plan to deliver,” explains Ilias.

In addition, since the BULLIONBLOCK ecosystem is not bound by currency exchange rates, interest rates or other charges of any country, it can be used at an international level without the potential of becoming problematic. This, in turn, saves both time and money a business would have otherwise spent on the transfer of money across borders from one country to another.

Poised To Launch New Innovative Fintech Digital Payment Solutions and Tools BULLIONBLOCK WALLET SYSTEM & STABLECOIN PAYMENT GATEWAY

BULLIONBLOCK is a next-generation digital Payment Gateway. The platform is essentially a borderless banking-as-a-service account supporting multiple fiat and cryptocurrencies enabling the users to pay bills, send money, receive money, purchase goods, conduct trading, and business transactions and/or spend money all around the world seamlessly through the BullionBlock Wallet.

Digital banking is on its way to becoming as practical as legacy banking. The BullionBlock Digital Wallet helps merge traditional and crypto banking by enabling customers to control their financial affairs from anywhere with any device Phone, Tablet or Laptop.

The platform will provide several financial technology services including a multilingual mobile and desktop app.

With a Debit card linked to the BullionBlock Wallet account, customers have access to spend their money globally, withdraw cash from ATMs and pay bills online or send and receive fiat and digital currency.

The user has the option of a standard Wallet Account and/or the BullionBlock Gold and Silver Bullion-backed Wallet Account.  In other words, a wealth-preservation decentralized digital Wallet system designed as a hedge against currency devaluation and inflation.

The BullionBlock platform offers users several benefits that are unlocked by owning CMBB (Crypto Mint BullionBlock) Tokens that can be used as the currency of transactions for the payments.

The BullionBlock Wallet can be used for retail payments using the dynamic and encrypted Wallet QR Code process, as shown in the diagram below:

The BULLIONBLOCK principal fintech platform is planned for launch by Q4 2019, and the likely impact of this innovation will create disruption to the financial sector that will enable productivity.

BULLIONBLOCK State-of-the-art Security & Encryption

The BULLIONBLOCK systems use 2048/4096-bit grade AES encryption for the data along with the inherent security features of a permission-based private Blockchain.

All sensitive data are encrypted using the 256-bit military-grade encryption algorithm and safely stored within the Blockchain environment which is mathematically impossible to hack.

The BULLIONBLOCK decentralized Blockchain framework is a private and permission-based network with the smart distribution of data in a hybrid environment that meets compliance with European Data Standards (GDPR).   

On a larger picture, the BULLIONBLOCK business system along with the cloud infrastructure will be undergoing the PCI-DSS Compliance Certification from accredited auditors known as QSA.  This further ensures that the BULLIONBLOCK system is protected against fraudulent and malicious data hacking activities.

Improving Customer Relationship through Community Programs

This leading startup company's fintech ecosystem is customer-led, designed to provide efficient, highly secure and sustainable mobile financial solutions that strive to meet customer’s needs with new digital financial experiences by providing a higher level of privacy, more options, negligible fees and a genuine 365 day a year and 24/7 personalized live customer service.

“Bullionblock Ltd will build real customer relationships through our community program. The program is aimed at increasing our global reach and inspiring people all around the world to learn more about financial empowerment, privacy, and decentralization,” says Ilias.

He further adds, “Our primary objectives are attracting, developing, and retaining reliable exceptional gifted, culturally diverse staff, promoting required skills, and providing satisfactory services consistent with the dynamic needs and expectations of both our clients and society in general.”

The BullionBlock Wallet app includes features such as the Peer-to-Peer (P2P) Community, with unique next-generation online e-Marketplace within the Ecosystem where users can be buyers and sellers of goods and services. This feature will also have its own dedicated specific designed website providing a personal profile option for the BullionBlock Community members with live chat and much more.  (www.BullionBlock.world)

The diagram below describes the overall system architecture of the P2P Community Market place portal:

The Problem legacy core banking systems face with modernization: The Solution that BullionBlock provides

The demands of modern society have exposed the failings of old core banking systems. Big retail legacy banks face extinction unless they can replace their back-end IT systems. Globally, retail banking is in a state of flux, and the costs of maintaining and updating these legacy systems typically require an increasing level of IT spending as a percentage of revenue—meaningless budget to invest in innovation and IT updating.

Virtually all products and services offered by legacy banks are technology-enabled, and the rapid evolution of mobile banking and digitization of processing makes upgrading technology systems critical. The technology at the core of most banks is outdated — systems dating back to the 1960s and 1970s — creating non-functional technology shortfalls known as "Technical Debt", resulting in excessive maintenance costs, degraded business agility and much more that pose strategic risks.

As a stopgap measure, many banks have taken the interim step of "bolting on" and deployed wraparound solutions to create a digital facade such as robotic process automation (RPA) and customer engagement layers to reduce updating cost and squeeze a few more years out of their legacy infrastructure.

Legacy banks are facing spiraling costs to update and meet regulatory requirements. By continuing to carry the old legacy banking platforms into the new digital age is creating serious risks for the customer through the customer's bank account.

In July 2019, BULLIONBLOCK demonstrates its White-Label Customer Bank Account Wallet App that has been built and designed for retail banking, offering solutions for integration and convergence to the global legacy financial sector that will help the banks comply with the new digital paradigm.

BULLIONBLOCK will also release its demonstration Digital Wallet Mobile App, along with the Wallet backend-API web version via a live ‘sandbox’ hosted on Amazon. The sandbox will allow the industry to test and validate the BullionBlock applications prior to launch.