The economy is the backbone of a country. Every country takes necessary steps to facilitate economic growth and offer better living solutions to its people.
With rapid changes in the way the global economy is evolving and working, it is very important to come up with innovative solutions to protect the interest of lenders, borrowers, and investors and help them to grow.
Introduction to the Financial Service Industry!
Before we venture into innovative solutions to help the financial service industry grow, flourish and become safe, let us understand what the financial service industry is. The financial service industry comprises a plethora of services offered by various financial institutes such as banks, lending firms, brokerage firms, etc.
4 major categories of financial institutes are commercial banks, brokerage firms, insurance companies, and investment banks. Their main objective is to enable financial transactions between buyers and sellers. They conduct activities like banking, mortgages, credit cards, payment services, tax preparation, planning, accounting, and investing.
One of the most powerful and influential sectors of any country is the financial service industry. It can drive a nation’s economy through the free flow of capital and liquidity in the market. The availability of capital and liquidity helps people to carry out various economic activities and contribute to the growth of the economy.
When the financial service sector of any country is strong, the risk management capacity of various industries in this sector also becomes better. It can offer better investment and growth opportunities to its clients in the form of promising financial products. Consumers can use these financial products to earn more and get access to larger credits at a time of need. A strong financial sector boosts both the confidence and purchasing power of its consumers.
What is VITREUS?
VITREUS is an evolution of the Enhanced Blockchain as a Service (eBaaS). A blockchain platform that is fully integrated with a custom artificial intelligence designed to process data against regulatory rulesets. In a time where both technology and financial environments are evolving at a rapid pace, it is very important to come up with a digital solution that is secure, speedy, and simple for the next generation of financial management.
Our artificial intelligence is cutting-edge itself, delivering a compliance-centric solution will not only revolutionise the next-gen financial regulatory landscape but will help businesses reduce their compliance spending, allowing them to focus on delivering new products and services to the world.
At present, our focus is to raise funds to begin the development of our artificial intelligence and blockchain infrastructure while building out the ecosystem as whole over the next two years, with the minimal viable product poised to hit the market in our partnered firm Q4 2023.
As we move into the new digital age, technologies like distributed ledgers are the need of the hour. They are decentralised and each event, asset, and transaction can be immutably recorded over a network. You can virtually trade anything of value, i.e. tangible assets like houses, cars, and land, or intangible assets like patents, prototypes, and branding on distributed ledger technology developed and scaled by VITREUS.
While blockchain technology has been around for years, the rapid development and evolutions around new implementations is akin to the “dot com” era before the internet really made its impact on the world. Blockchain technology is at the forefront of the digital transformation and VITREUS is delivering a custom-made solution to these long-standing businesses that are in dire need of updates.
VITREUS is all set to offer a new age indispensable technology to all the companies collaborating with them. Any data recorded on the chain will be available on the chain and the companies will not face the problems like missing files, losing data, or forged documents anymore. Coupled with the processing power of COMPLiQ, VITREUS’ artificial intelligence, this data will be “compliance assured” as well as securely stored.
Unlike public blockchains such as Ethereum or the Binance Smart Chain, VITREUS is what is called “permissioned” meaning that only specific access can be granted before building or utilizing the infrastructure. This aspect is incredibly important for private businesses that need to ensure the security and privacy of their data, shielding them from the general public as to not contaminate or interfere with proven business practices. Our top-notch security protocol not only offers better transparency and verification of the user, but it also aligns with government regulations to facilitate financial industries to use it without any fear.
VITREUS offers each business its own private instance of digital infrastructure that can directly integrate with their “legacy systems” and utilize Smart Contract technology to facilitate the handling of complex business process automation such as transaction settlements, loan management and escrow services. A secure, permissioned environment that is paired with a powerful digital infrastructure, hand-made for regulated industries, we believe, will quickly become one of the most sought after technologies in the near future.
A Comprehensive Overview of VITREUS Products!
On the launch of our compliance-oriented distributed ledger, some valuable products of the ecosystem will also roll out. These products will help our clients to flourish, increase revenue and do cost-cutting in the new digital age. Our core product lineup is expected to grow parallelly to the financial institutions and organisations for which we have built the distributed ledger.
- COMPLiQ: It is a sophisticated, omnidirectional, self-learning, self-adapting artificial intelligence that has been designed to handle the processing of multiple data forms against the various rulesets that pertain to the governance of businesses throughout all industries. COMPLiQ is designed to help Compliance Officers manage large quantities of data by processing them through a multitude of rules in order to maintain adherence to the required laws and regulations.
- VITREUS Essentials: Communicates directly with COMPLiQ to intake data from employees and process it before entering digital storage. VITREUS Essentials is able to process any form of digital file and submit it to COMPLiQ. It is the business’ interface with the system, COMPLiQ and VITREUS, as a whole, providing them the workstation and information they need to ease their business operations.
- Acquiesce: It is a huge digital library built to help various users to start their digital journey by offering them modular, audited, and curated code. We aim to expand this library by including the work of top-notch developers, but at the same time maintaining the safety and ease of operation of the library.
- Emporium: It is a digital marketplace where all the stakeholders like business owners, service providers, and investors are present in the same place and can interact and benefit from each other on a unified platform.
- advisorRetire: advisorRetire is a separate social platform offered through Emporium that is designed to aid in succession planning. It aims to bring together business investors, buyers and sellers to meet in a social environment and discuss business opportunities in a time-efficient and cost-efficient manner.
How VITREUS Differs from Other Blockchains: The Advantage of Innovation!
VITREUS is not just another public blockchain attempting to deliver a new iteration of the same old song and dance we have seen over the last decade. Innovating on the already fresh concept of the Enhanced Blockchain as a Service (eBaaS) as coined by Gartner, VITREUS sees itself as the next generation of this, a new evolution, a Smartchain. Fully integrated with artificial intelligence, tackling real world industry across the board and delivering a heavily desired solution in a fanciful bundle.
Some features that make it a unique solution to all compliance needs of financial service industries are:
- Digital Ecosystem: In the new age digital world, if you are looking for a one-stop solution to grow and flourish in the financial service industry then VITREUS is the answer for you. Its permissioned, multiple-layer distribution ledger is designed to cater to and nurture the needs of businesses across multiple industries. With an application store and a developer community, VITREUS has a lot to offer.
- Regulatory Compliance: At VITREUS, we use artificial intelligence to aid a businesses adherence to governing regulations with an expansive, self-adapting series of rule libraries. It will not only automate the process of taking care of the compliance needs of the industry but also create a conducive environment for handling the regulatory needs of the future.
- Security: Cybersecurity is one of the biggest problems that business owners need to tackle while interacting on a digital platform. That problem has been taken care of at VITREUS. The distributed ledger system is un-hackable by nature and extra steps taken by us further add to the safety of the entire system.
- Data Storage: At VITREUS, we use new age technology to create huge data storage wells in which we can store data for up to ten years. Not reliant on hyperscaler solutions, VITREUS aims to deliver a fully-regulated data storage solution to its customers for considerably lower cost, all wrapped into the total product offering.
The Team Behind VITREUS: Expertise and Vision for The Future!
At VITREUS, we have a team of highly competent and experienced visionaries.
- Chad Justice, CEO and FOUNDER: With 16 years of experience in the industry, Chad Justice has been managing $700,000,000 worth of client assets. He has also been recognised as a thought leader in the wealth management industry.
- Brenton Thai, COO and Co-Founder: With the experience of over 12 years in wealth management and other important life skills acquired from being in a marine corp., running a business, and raising kids, Brenton Thai is a valuable asset to VITREUS.
- Tim Benedict, Chief Technology Officer: Tim Benedict has vast experience in the technology industry with expertise in product development, system architecture, and technology sales.
- Baran Karakasli, Chief Marketing Officer: Baran Karakasli has vast business marketing experience and aims to project VITREUS directly to its target audience and facilitate growth and expansion.
- Jaren Holmes, Director of Public Relations: With dual degrees in business, accounting, and finance, Jaren has ten years of experience in the banking and global wealth sectors where she has been managing employees, operations, and marketing.
- Taylor Cox, Director of Product Design: Taylor is the brain responsible for the development of unique solution-oriented products using new age technology for the future.
- Tricia Schwartz, Controller: Tricia’s vast experience in human resources helps the organisation to hire recruits, and manage the day-to-day office tasks and bookkeeping.
VITREUS is consistently taking concrete steps to be at the forefront of rapidly advancing distribution ledger technology. Blockchain and Artificial Intelligence are the future of the business and digital transformation is upon us. VITREUS is forearmed to bring sustainable, safe, and simplified solutions as we enter the new digital age.
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
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