A revolutionary new cryptocurrency bank to be established in Europe

2017-10-25

Blockchain and cryptocurrency. If these terms do not sound familiar to you, it is high time to learn them! The world has changed irreversibly. While it may be difficult to comprehend for most, the volume of the digital currency market has exceeded 170* billion US dollars. This cryptocurrency cannot be touched, but very soon it will be available on a payment card and you will be able to use it, for example, to pay for your coffee. Riga, Latvia, is the birthplace of the sensational global Forty Seven project that will link the cryptocurrencies and the traditional financial world.

 

Cryptocurrencies are based on blockchain technology which can be compared to the structure of DNA. A blockchain cannot be destroyed, thus it can retain information indefinitely. A blockchain is decentralised and recognised by all participants of the chain; its data cannot be destroyed, damaged or altered.

 

The discovery of DNA is deservedly considered one of the most important events in the history of science. What we are talking about here is also capable of revolutionising the world. For example, a structure based on this approach eliminates the possibility of corruption because the cryptocurrency ensures complete transparency of transactions and the data stored in the blockchain cannot be falsified.

 

Uniting parallel monetary worlds

Individuals and countries are beginning to recognise the benefits of digital money not only in terms of wealth (their value is constantly increasing), but also their application. As for now, the traditional and alternative monetary worlds are separate and operating in parallel, however the digital currency has low liquidity. The team of Forty Seven aims to solve this global challenge by creating a modern universal bank.

 

Considering the principles of relevance, convenience and security, the experts of Forty Seven are using the latest technology and developments: blockchain, biometrics, smart contracts, machine learning and many others. This unique project will enable cryptocurrency holders – private individuals, businesses, developers, traders and other financial institutions or even countries – to handle their own funds and to use traditional banking services.

 

To be launched in 2019!

The Forty Seven project is expected to obtain a banking licence in 2019 and become the leading financial institution to serve the interests of cryptocurrency holders operating according to the requirements of the regulators and the Payment Services Directive 2 (PSD2). PSD2 enables small enterprises or even individuals to build their own applications and startups on top of other banks’ infrastructure. This will substantially boost the competition, innovation and quality requirements in the sector. Something comparable was once achieved by Apple’s Steve Jobs with the App Store where ordinary developers could host their apps and make profit using Apple’s customer base.

 

Members of the Forty Seven team will speak at the Blockchain conference at the RIGA COMM trade fair on 10 November in Riga, Latvia and explain more about the future banks.

 

All day during the conference, there will be presentations of the innovative blockchain technology, today’s and tomorrow’s apps that ensure a transparent, efficient, secure and decentralised data flow in processes of diverse sectors, the latest opportunities and the new thinking approach required. A detailed programme of the event is available at: http://rigacomm.com/en/program/

 

Alongside the event, the RIGA COMM trade fair, 9–10 November, will also host the Executive Forum, the IoT Conference, the Artificial Intelligence Conference, the Pure//Baltics.Launch and Smart HR conferences, the Horizon 2020 Brokerage Event, and seminars on digital marketing and business technology.

 

The RIGA COMM trade fair is an event for entrepreneurs of the service and manufacturing fields, multi-level executives of state institutions and organisations and professionals representing multiple fields of operation, where they can learn about the latest offers of approximately 80 digital service providers and product manufacturers from the Baltics as well as other countries, consult with knowledgeable specialists and together select the solutions that are most suitable for their business or organisation.

 

RIGA COMM is organised by the International Exhibition Company BT 1. Conference partner – The Latvian Blockchain Association.  Cooperation partners: The Investment and Development Agency of Latvia, Digital Journey, Proact IT Latvia, ALSO Latvia, Sem.lv, ExportScene, Riga AI ML and Bots Meetup, Mailigen and BlueOrange.

 

Tickets:

Tickets are valid for all days of the event. Ticket price – 15 EUR. The ticket price will increase before the event. Tickets may be purchased on the website of the fair www.rigacomm.com or on the ticket platform BezRindas.lv.