What is Blockchain, and what does it have to do with my mobile phone?
The answers are complex, let's simplify things for clarity. Blockchain is an internet technology that offers the user a massive global database upon which to store their information; be it financial, intellectual property, art, music, copyrights, patents, anything of value to the possessor. Where blockchain changes the security game is in how the information is protected. Millions of users across the globe with nodes in the blockchain, all equally protected with state of the art encryption and firewalls, all are virtually impossible to hack. Imagine how that translates to a secure financial structure to be used on your smartphone.
Blockchain is changing financial sectors worldwide
Much like Bitcoin (which uses blockchain technology exclusively), the “big finance” thinkers originally scoffed at blockchain. No longer do they have that luxury. Blockchain has become a resource for millions of people who could not “qualify” to get bank accounts. Or just didn't want one. With the explosion of crypto-currencies use world-wide, blockchain adapted its protocols to allow simple and straightforward financial transactions for anyone who needs it. It's as simple as getting a virtual “wallet”, then buying whatever goods or services you need. Who needs a bank account, anyway? All you need is a smart phone, an online wallet and you are ready to go.
How does that pertain to my mobile phone service?
In the simplest way imaginable. You can set up and pay your mobile phone fees through the most secure and reliable financial network on the planet, and avoid intermediaries. Avoiding the intermediaries also lowers the cost of products and services. On another level, the use of mobile phones as purchasing devices; mobile shopping and purchasing is exploding exponentially. From the United States to China, to India and beyond, major retailers are scrambling to incorporate mobile shopping services to all of their online stores. Once again, they are relying on blockchain technology to guarantee safety to their customers. Netclearance, a mobile phone services provider has created a proprietary blockchain algorithm:mBeacon that heightens the solid security offered by blockchain technology.
How is all of this possible? The mobile P2P payment.
Mobile P2P payments allow the user to access either a bank account, an online wallet or a debit/credit card and pay another person (or entity). Blockchain technology guarantees that this financial transaction is safe. P2P means “person to person, or entity to entity.” Prior to the use of blockchain technology, P2P payments relied on clunky and moderately effective protocols offered by banks and companies like PayPal. With blockchain technology, these transactions are guaranteed to be safe and free of corruption. Many mobile service providers are now starting their own blockchain-based protocols to increase safety and eliminate hacking and identity theft.
Mobile phones are fueling the revolution.
Mobile phones are one of the largest markets in the world. There are over 3.5 billion mobile phones in the world today and those numbers are increasing daily. The mobile smart phone has become a one stop communication device, from socializing to shopping to banking, you can even make films with your mobile phone! Mobile phones and blockchain technology are paving the way toward more secure online financial transactions. You owe it to yourself to check out what blockchain and mobile phones have to offer.