Blockpay – Integrating cryptocurrencies and businesses through blockchain anonymity
In today’s competitive world, businesses are trying their best cut down on time spent in non-profitable activities. With the traditional financial setup, general transactions end up taking way longer than expected to cause a loss of time and investment opportunities. To tackle the issue of loss of valuable time and avoid paying a reasonably high transaction fee, most of the businesses are now turning towards cryptocurrencies. While using cryptocurrencies surely is profitable, there is a problem in completing adopting the digital tokens. Leaving confidential transaction information in the public blockchain makes them an easy target for industrial espionage by their competitors.
By uncovering the ownership of individual wallet addresses, rival companies can quickly gain access to information about their competitor’s operations and supply chain. To solve these issues, ‘Blockpay’ has developed standardized point-of –sale merchant tools for commercial utility. Let’s dive deep into how ‘Blockpay‘ plans to address all the security issues and the details of their project.
What is Blockpay?
BlockPay is a blockchain based FinTech company from Munich that helps businesses with fast and straightforward payment processing services. The platform supports most of the cryptocurrencies available today. In the current scenario, businesses are not willing to take any risk by adopting blockchain based payments at this point. Some of the other factors affecting the use of cryptocurrency and blockchain based solutions by businesses include security, network issues followed by the active and high volatility of digital currencies. BlockPay is solving most of the security and business risks through modern Blockchain reinforcements and helps business around the world to accept digital payments for free. It is designed to be universal: supporting all digital currencies, wallets, fiat banks, and merchants. Retailers face zero fees.
How is Blockpay profitable?
BlockPay’s customized suite for businesses includes a specialized application for merchants along with an integrated system to support existing e-commerce systems. The application is suitable for any business including grocery chains, gas stations, vending machines, kiosks and more. Customers can choose to pay for their purchases with digital currencies like Bitcoin, Ethereum, Steem, Dash, Bitshares, etc. They can avail BlockPay’s Echo wallet application for carrying out the transactions. BlockPay suite also supports payments from wallets like Mycelium, Jaxx, Circle, and Dash.
Echo Wallet is a multi-currency, multi-asset wallet that also acts as a secure communication application. Merchants and customers can use Echo to send secure voice, video and instant messages over an encrypted channel.
Launch dynamics of Blockpay and its performance
The tokens sold in the ICO are ‘Blockpay’ tokens. They as such do not have a role in the Blockpay payment system. They allow the investors to share in the rewards from BlockPay transactions and revenue streams generated through the products built by the company. The crowd sale ended in September 2016 after raising 1000 BTC in just 13 days. OpenLedger worked with BlockPay to facilitate the crowdfunding process. OpenLedger has launched the Pre-ICO on its ICOO economic enterprise engine starting August 23rd, 2016.
Currently, there are almost 5.5 Million Blockpay tokens in circulation with the platforms market cap soaring above $3 million. The tokens are now trading on OpenLedger around $0.5 per token.
With the quick sale of tokens and a concept that has the range to capture payments market, Blockpay is surely a promising project.
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