Some payment executives projected that blockchain would serve as a transformational technology. Do you have a secure merchant account to process payments? If not, this article will tell you where to get reliable and affordable merchant services such as a dating merchant account.
Blockchain Industry: What’s Going On
The recent conclusion by payment industry executives implies some interesting things. Though blockchain has the power to make payment processing faster, more secure, and cost efficient, the commercial use of blockchain doesn’t seem to be closer.
The main hindrance is found with blockchain’s being unable to scale to volume. Bitcoin handles almost 7 seven transactions per second. Still, blockchain represents enough interest for the payments industry.
Some believe the focus shouldn’t be placed only on forcing the blockchain to provide faster credit and debit card transactions with higher volumes. They think it’s important to concentrate more on the practical use for the technology. This means high-dollar transactions with low volumes, e.g., money transfers, as well as cross-border and B2B payments.
Specifically, private blockchain networks can be used to run cross-border and B2B payments. These are networks that don’t provide real-time transactions and instantaneous reporting based on the traditional rails of the banking system.
Blockchain, Dating Merchant Account, & Not Only
Blockchain is viewed as a means to provide consumers with more than just traditional payment systems by ensuring a higher level of privacy and control over transactions. All this is being realized through a decentralized ledger, as Dan Itkis, co-creator of the Global Real-time Authorizations and Funds Transfers (GRAFT) Project, says.
The GRAFT works on developing a decentralized payment platform that can make eCommerce simpler without central banks, payment card networks, or governments. What about you? How are you going to leverage the modern fintech technology to accelerate the growth of your business? For this, you just need to turn to a reputable payment processor that can get you the latest merchant services, including a dating merchant account.
Some note that blockchain hype is going to die down. The reason is that companies have emerged that’re using the emerging ledger technology to carry out everyday business operations. Namely, they use the technology for digital identification, manage and track assets, for regulatory compliance, cryptocurrency, and smart contracts.
Let’s look at the year 2108. Well, it was the year of the so-called “stablecoin.” This is a price-pegged cryptocurrency. Though making predictions with 100% certainly isn’t possible, the future holds the following for blockchain:
- Convergence with the IoT (Internet of Things)
- Asset tokenization resulting in loyalty
- Passing from the hype into reality
- Prevention of unauthorized access
- Increased blockchain adoption across sectors
On 8 February 2019, the crypto market grew from $111 billion to $121 billion. As for bitcoin, it went up by 11%, thus reaching $3.711 from $3.337. While it went back a little and accounted for $3.616 on February 8, it then rose during the period from February 8 to 9.
Nowadays, trends are changing for the blockchain industry. So, to ensure success for your business, you should work only with a true payment expert that can help you with any type of merchant processing, including blockchain.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBroker that offers the most secure and cheapest merchant services, including a dating merchant account. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.