Do U Want A Convicted Felon "Protecting" Private Data?
Where hacked data on marijuana users can be published for all to see? Think Ashley Madison.
As I've been saying, people are only seeing the tip of the iceberg. More pieces are coming together each day. LOL The GigeSoft programmers didn't just fall off of a turnip truck. Follow the clues...
Quote:Also I'm sure u guys don't know anything about FinCen, Or what KYC is (know your client) rules related to all this where as I happen to know because I've been doing this much longer than mcig has. They also don't have a compliance engine for processing which is the main thing you need because if u don't have that u have a service that will be canceled and interrupted...More importantly banks will take the money if you have a compliance engine as well as over 15 years of a banking relationship with zero issues. That is the only way you can do payment processing in mj effectively.
FinCen
Quote:The Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.
What is Blockchain Technology? A Step-by-Step Guide For Beginners
Quote:AML and KYC
Anti-money laundering (AML) and know your customer (KYC) practices have a strong potential for being adapted to the blockchain. Currently, financial institutions must perform a labour intensive multi-step process for each new customer. KYC costs could be reduced through cross-institution client verification, and at the same time increase monitoring and analysis effectiveness.
Startup Polycoin has an AML/KYC solution that involves analysing transactions. Those transactions identified as being suspicious are forwarded on to compliance officers. Another startup Tradle is developing an application called Trust in Motion (TiM). Characterized as an “Instagram for KYC”, TiM allows customers to take a snapshot of key documents (passport, utility bill, etc.). Once verified by the bank, this data is cryptographically stored on the blockchain.
Data management
Today, in exchange for their personal data people can use social media platforms like Facebook for free. In future, users will have the ability to manage and sell the data their online activity generates. Because it can be easily distributed in small fractional amounts, Bitcoin — or something like it — will most likely be the currency that gets used for this type of transaction.
MCIG Enters into the Cryptocurrency Market, Partnering with Render Payment
Quote: One way to improve the reputation of the industry is to modernize it, make it standardized, fully verifiable, and built on a system of trust between patients, doctors, growers, suppliers, merchants, bankers, and customers. New blockchain technology offers an ideal solution. Since blockchain holds an immutable ledger and assured contracts, it can easily accommodate the recording of financial transactions from seed acquisition to product delivery giving consumers confidence and surety in the placement of their orders.
Render Payment Token (RPM) is a crypto-token built for utilizing smart contracts on blockchain, specifically designed to accommodate high risk merchant services at discount prices, which adds legitimacy to the worldwide cannabis community. It is backed by Ethereum's secure, global ecosystem, designed to provide businesses and individuals a trusted secure, private mechanism for financial transactions. In initial testing payment processing was integrated with Bitcoin, which proved to be reliable and stable. The solution was then migrated to the Ethereum platform utilizing the RPM token to provide lower costs, enhanced security, faster processing speed, scalability and expansion.
Render Payment is the first organization dedicated to leveraging smart contracts built on the blockchain to create and foster a financial service platform for high risk merchant services. MCIG's focus is on providing a solution not currently available to the 33,000+ cannabis businesses worldwide, with an economic impact of $44 billion per year.
mCig Inc, Announces Update on a Progress of its Technology Division
Quote:420Cloud Desktop Edition is in final beta testing and will be released in the next couple weeks. This edition enables extended user features, like a fully functional CBD store, currently limited in the 420Cloud Mobile App due to policy restrictions of Apple and Google app stores.
420Cloud Wallet / Balance system has been completed and is waiting for the desktop launch to deploy and connect to the payment gateway. This service allows for micropayments inside all 420cloud enabled/connected sites.
The Single Sign On (SSO) system has been completed and now implemented throughout all mCig sites and mobile apps. The SSO service allows users to use the same credentials throughout the network, including the 420cloud Wallet, with seamless connectivity to all enabled services.
The 420Cloud platform is continuously being updated for security and scalability due to its growing complexity. Due to the growing number of newly attached services and recent global security events, some focus has been given to the development of extra security layers and extended performance optimizations.
MCIG Expands its Services to Merchant Solutions for the Cannabis Industry
Quote:mCig's merchant service offers a simple, direct, U.S. based solution, with the capability to accept credit cards online and at participating dispensaries. Merchant processing is offered as low as 5.95% for ecommerce and even lower for dispensaries accepting Visa and Mastercard.
Management believes that mCig has an advantage to capture a large portion of businesses that currently sell CBD products through their e-commerce websites by offering a processing system that guarantees 98% uptime, secured transactions and US settling, providing merchants with cleared funds as soon as 24 hours.
The system is currently being set up to also accept transactions made with digital currency and will enable dual payments.
