Essentia Makes Banking Easier

sunnysideupfang (55)in #bitcoin • 6 years ago

College gave me some of the best years of my life. I learned a lot and met tons of amazing people. My college had a heavy attendance from foreign students and I became friends with many of them. Whenever I’d go out with them, I’d recommend to grab different credit cards that had special cash back deals. College is expensive so any money that comes back to the pocket is welcome. But I learned during my freshman year that my friends from abroad had a pretty tough time getting credit cards.

Banks don’t want to give credit cards out to people if they don’t have data on them. The world’s banking systems remain closed out. While large companies have the ability to transfer all the necessary documents through corporate lawyers to negotiate loans from foreign banks, normal people cannot do this. So even if you end up having a great credit score in your country, you’re not going to have an easy time with banks if you ever go to a new country.

The problem here is that our financial data is pretty closed out. On one hand that is great as we don’t want anyone getting their hands on such important information but at the same time it’d be helpful if some companies can get access to it in order to make our life easier.

Essentia and Banks

I’ve written previously about a new start-up called Essentia. This start-up gives every user something it has named as a seed. The seed securely locks our information and we decide how much information we want to hold within it. Along with this seed comes an ESS-ID which allows us to build up a reputation.

We can bind our financial data to the seed to make online transactions and we can attach our crypto wallets with it to get a number of benefits including easy access to many decentralized exchanges from a single location. This allows us to build up a reputation. Our ESS-ID is connected with the transactions we make and all the trading we do. This important data should be sufficient for banks in other countries to verify whether or not a person is in good financial standing.

Essentia’s ESS-ID and reputation features can make banking a lot easier for normal people. Instead of having to just rely on credit histories within individual countries, our ESS-ID provides verifiable information on our financial standing to banks no matter what country we move to. This way Essentia is able to give banks the ability to give their foreign customers a much better customer experience as they can provide them with the services they need by verifying the customer’s financial standing through the ESS-ID and reputation system. People benefit because at least right now banks are very important and Essentia will allow people to have the ability to verify their good financial standing to banks in any country.