RENO, USA – SINGAPORE, MONTH. DD, 2019 — Goldbell Financial Services (“Goldbell”) and GoChain, The Blockchain Company, today announced the signing of a Node Operating Agreement whereas Goldbell will operate a signing node in support of the GoChain blockchain network.
As a signing node, Goldbell will be one of up to 50 enterprises and organizations to run specialized servers that facilitate the GoChain network’s Proof of Reputation (PoR) consensus algorithm and validate the blocks of transactions produced on the blockchain network.
Goldbell Financial Services (GBFS) is a subsidiary of Goldbell Group, Singapore’s leading brand for the leasing and distribution of industrial vehicles. Goldbell Financial Services dedicates itself to empower small business owners with capability-enhancing financial support to help businesses survive and thrive in today’s competitive economic landscape.
It is the preferred financing partner in supporting automotive, asset-backed and working capital loans, and it has amassed a strong portfolio of clients from varied sectors such as warehousing and logistics, F&B, manufacturing, courier service, servicing, construction, startups and more.
“We are always looking out for technology breakthroughs that will pave the way for the next quantum leap in the finance industry. With greater scalability and efficiency promised by the Proof of Reputation algorithm, we’re excited to be one of the pioneers to experience this evolution in blockchain amongst reputable brands like Lenovo.”Alex Chua, CEO of Goldbell Financial Services.
The envisioned collaboration is expected to create sustainable business opportunities as Goldbell Group seeks to explore blockchain solutions to enhance their global business operations, participate in the GoChain blockchain ecosystem, earn new business and better support existing customers.
GoChain’s Proof of Reputation blockchain network
Hosted by known and “reputable” corporations or organizations such as Lenovo (HKSE: 992) (ADR: LNVGY), DISH Network (NASDAQ: DISH) and now these nodes foster the growth of the network while providing security through their geographic distribution. As a result, Proof of Reputation has several advantages over its predecessor, Proof of Work (PoW), which is used as the consensus algorithm for Bitcoin and Ethereum:
First, Proof of Reputation networks can scale to more transactions per second with far lower cost and wasted energy.
Second, because all nodes are operated by a diverse set of known, trusted businesses and organizations, there is greater security and less vulnerable to attack by bad actors than centralized ledgers or even distributed blockchains where large ‘mining’ organizations control the majority of the network.
“We are thrilled to welcome Goldbell Financial Services as our first node signer in Southeast Asia. As an integral member of the GoldBell Group, a trusted leader with nearly four decades of experience led by the distinguished Chua family, GoldBell Financial Services is at the forefront of financial innovation and continues to be a true champion for businesses within the region. GoChain looks forward to working closely with GoldBell Financial Services to not only further expand the GO ecosystem but also to provide cutting-edge blockchain-based solutions to businesses in Singapore and throughout the region.”Jason Dekker, Co-Founder and CEO of GoChain
About Goldbell Financial Services
In a space where personalized financing solutions can make a difference in making or breaking a business model, rigid structures are limiting banks from providing the flexibility that companies need, especially for small and medium enterprises. Goldbell Financial Services dedicates itself to providing clients with new and innovative financial solutions.
It is the preferred financing partner in supporting automotive, asset-backed and working capital loans, and it has built success stories within a relatively short time frame of four years. Goldbell Financial Services has amassed a strong portfolio of clients from varied sectors such as warehousing and logistics, F&B, manufacturing, courier service, servicing, construction, startups and more. More than S$550 million has been funded cumulatively (as at 30 Aug 2019), empowering small business owners with capability-enhancing financial support to help businesses survive and thrive in today’s competitive economic landscape.
Currently available in Singapore and Malaysia, plans are also underway to offer Goldbell Financial Services in other markets, such as Cambodia.
For more information, visit www.gbfs.com.sg/
GoChain believes in driving the adoption of impactful technology for the betterment of society and our habitat. GoChain partners with companies in all industries to quickly launch and manage their own scalable, low-cost blockchain solutions, run distributed applications and to deploy smart contracts. At 1,300 transactions per second, GoChain’s network is the fastest, most reliable, web3 based public and private blockchain protocol. GoChain’s Proof of Reputation (PoR) consensus algorithm relies on a decentralized consortium of Fortune 500 companies, NGOs, and nonprofits to validate transactions. GoChain also supports its designated public cryptocurrency, which has the ticker symbol GO.