Blockchain is the heart and blood of the Paypolitan solution.
We are designing smart contracts that will work in two directions:
•push (customer pushes funds to merchant)
•pull (merchant connects to customer account via a smart contract and `pulls` funds into its account)
What are the main advantages of using blockchain for banking?
•Flexibility. The mechanics of transactions is more flexible, which means you can pay in cryptocurrencies or connect directly to the bank account transferring FIAT currency.
•All in one. The protocol’s innovative architecture will open the door to an entire universe of common payment mechanisms in our daily lives.
•Make it individual. We intend to allow merchants to design their own transactions, implement their own business logic, and provide the customer with a powerful tool to manage their funds, payments, and recurring payment contracts.
The Paypolitan solution will combine the benefits of the blockchain technology, smart contracts, and cryptocurrencies and allow people to control all the transactions. Everyone who has a smartphone can become a part of the banking innovation!
The core functionality of the Paypolitan protocol will be contained in its on-chain architecture, which is flexible and to evolve with the community’s needs. A key concept of the Paypolitan protocol is the “Smart Contracts”, a digital authorization to access an underlying asset to initiate a payment or access information. The protocol will be implemented as a combination of Smart Tokens with access via an SDK (Software Development Kit) and API (Application Programming Interface).