So What is The Blockchain Again?One could say Internet is THE digital revolution and no one can argue with that. However, it was only the beginning of the digitalization of our lives. By now contracts, transactions and keeping record of these, sum up daily life. However, the bureaucracies around managing these critical tools seem obsolete compared to the blockchain technology that promises to solve these frictions.
How is blockchain the solution here? Simply put - a blockchain is an open, distributed ledger able to register two parties’ transactions in an efficient, verifiable and permanent manner. It represents a new paradigm of how the information is shared. Contracts will be stored in transparent and shared databases where no user can perform revisions or deleting information. Transparency of transactions is one feature blockchain technology is based on, promoting a high degree of security when using such a system. Therefore, any agreement has its unique digital record and signature that can be identified, validated, stored and shared.
Blockchain technology has the potential to push payments to another level of execution. Because of its secure, shared and immutable nature, this technology can make it easier to transfer money across the world by bypassing traditional middlemen such as banks and governments. Yet, currently, cryptocurrency payments such as Bitcoin take 10 minutes or longer to process and we live in a fast moving world.
The necessity to speed up cryptocurrency transactions is real in order to make blockchain technology imperative for different industries. But, it did not take long until a startup like PumaPay decided to step in and innovate when it was needed. The company offers an open source blockchain-based billing protocol available to merchants for complex crypto payments.
With PumaPay’s solution it will take seconds to transact due to the next-generation blockchain the product is being built on. Long are gone blockchain’s payment shortcomings. E-commerce industry, online services and traditional merchants can use this billing mechanism with a variety of online and offline transactions being supported - pay-per-use, monthly subscriptions and scheduled amounts.
PumaPay makes a statement by defying the standard of paying with a credit card. The Protocol enables users to pay in cryptocurrency with a free, quick, flexible and scalable infrastructure. The technology behind PumaPay allows software programs to interact with each other (API) and is designed with a software development kit (SDK) to cater to customers’ specific needs, while saving transaction costs and increase security of payments.
Finally, it is early to say whether blockchain will take over the world or not, but one thing is certain - there is a great potential for a blockchain based payment protocol due to increased number of transactions and security issues. PumaPay is a successful release based on blockchain technology encouraging merchants from different industries across the globe to benefit from this new way of transacting.
http://blog.pumapay.io/what-is-blockchain-again/
