Blockchain and Mobile Payments: How New Technologies Are Making Cash Obsolete


Imagine you're on a road trip across the country. You're at a dinky gas station, some place you've never heard of before. You could swipe your credit card at the pump, but you're nervous. Maybe your card has been stolen before. So you go in and pay with cash. Inconvenient, but it's worth it when you're worried about your info being stolen. More inconvenient to have to visit an ATM later to get more cash, but not nearly as bad as having your card stolen.

This kind of aggravation and worry could soon be a thing of the past. Mobile payments offer the same immediate access to your money as credit cards. Though mobile payments aren't as pervasive as credit cards yet, with emerging technologies offering improved security, they soon will be. And whenblockchain and mobile payments are combined, your cell phone offers far safer payments than a credit card ever could.

But first things first.

What is Blockchain?

According to the Wall Street Journal "A blockchain is a data structure that makes it possible to create a digital ledger of transactions and share it among a distributed network of computers." So what does that mean?

Well, for starters, blockchain is the technology that makes bitcoin possible. The basic idea is that it makes transactions incredibly secure by keeping a record of all transactions on a tamper-proof ledger distributed across the world. So secure it can be used to back a currency that has no physical basis.

What happens when you mix blockchain and mobile payments?

You get hyper-secure, hyper-convenient payment available at all times just by keeping your phone with you. Your info can't be stolen. Your money is safe, theft-proof, and fully available at all times.

mBeaconPay, a service created by Netclearance, incorporates Blockchain capabilities to secure transactions, offering safe and easy mobile payments with zero transaction fees. It even offers P2P (person to person) payments, a capability credit cards have never offered.

With revolutionary technologies such as mBeaconPay offering payment freedom and security like never before, soon the only use for your wallet will be to hold your library card.