Company Performance Metrics
- Victor Stanciu: CTO
The problem: There is no easy and reliable way to set up closed loop economies and payments. Closed loop economies can empower ecosystems, from festivals, to venues, to smart cities. However, setting this type of systems has been historically expensive and hard to implement, given the cost of hardware, security concerns.
As globalization extends,
a new way of empowering local economies needs to be used. We think we can do this with our closed loop payments system, which is based on a combination of private and public blockchain and uses machine learning algorithms for fraud detection and prevention.
From a consumer point of view a local closed loop economy can now be easily set up by just starting an account online and downloading a mobile app.
Our solution: Oveit provides a closed loop payments solution for businesses, events or local governments. With Oveit they can easily become a local payment processor, getting access to local payment processing, decreasing costs, improving revenue and gaining data insights.
We use a combination of private and public blockchain, in order to secure and distribute data. On demand, we allow customers to access their data. They can see how funds are used and how they interact with to the ecosystem's vendors, marketing sponsors and more.
