Decentralization of Payments - The Benefits of Blockchain for Merchants and Consumers

                                     Netclearance mBeaconSAM for Payment Terminals

                                     Netclearance mBeaconSAM for Payment Terminals

Blockchain technology has created a new type of Internet (The Internet of Money), allowing the circulation without duplication of digital information. In its simplest form, the system builds data blocks, on average ten minutes in duration, each block recording a set of recent transactions. Blocks of verified transaction data become nodes in the ledger which then get added to the end of the chain and become a permanent and unalterable part of the blockchain database.

The Blockchain Ledger is a digital public ledger, a decentralized network facilitating and verifying transactions, and stands as incorruptible proof of all activities on the system. All participants in the network have access to the shared data (albeit anonymously) and can view transactions, but the decentralized network ensures record and digital asset security, leaving no individual weak spot in the system to exploit, to alter or steal information.

The decentralized system means that data is not under the control of any one entity, no bank, card scheme or tech company with control of the entire system, thus opening the doors to circumventing the centralized system that exists today. What's revolutionary about this, is that the underlying technology allows the encrypted accumulation and transfer of any data, thing, or digital assets including the exchange of value via payment transactions between two parties using a public and private (secret identity) key pair. Blockchain technology can record any transaction with value, including financial ones, making it ideal for digital currencies and assets' exchange.

Alternative mobile payments technology paves the way for decentralizing payments at the point of transaction hence leaving no room for intermediaries that could interfere in the asset transfer and leveraging the incorruptible self-governed nature of the blockchain ledger. By using smart wireless proximity technology based on Bluetooth LE (BLE) with Blockchain-grade encryption merchants and consumers could conduct secure decentralized transactions which can lead to increased profits and faster transactions.

Netclearance's next generation mBeaconSAM and mBeaconVault are one of the many form factors that offer a compelling proposition, with several key benefits, for merchants and fintech providers looking for decentralized payments. Thus making transactions more efficient and affordable without costly upgrades to the existing payments infrastructure. It can live outside the walled gardens of Google and Apple or centralized middle-men creating a completely new ecosystem of value without the traditional fees associated in a multi-party centralized model of gatekeepers and tollbooths.

                                  Netclearance mBeaconVault - Blockchain mPOS/mWallet

                                  Netclearance mBeaconVault - Blockchain mPOS/mWallet

Netclearance easy to use APIs and small form factors, based on blockchain-compatible wireless proximity technology removes the need to rely on a financial institution, merchant processor or any other third-party to handle digital payments. Netclearance technology allows merchants to accept crypto-currencies or tokens as payments, digital cash, coupons, account to account transactions (i.e. PSD2) at a minimal cost compared with others. Alternative mobile payments can help merchants grow revenues, improve margins, and manage businesses more efficiently.

To learn more about decentralized mobile payments solutions and how you can take advantage of this trend contact us today.