{"id":4038,"date":"2017-04-26T06:23:54","date_gmt":"2017-04-26T00:53:54","guid":{"rendered":"http:\/\/www.allerin.com\/blog\/?p=4038"},"modified":"2017-04-25T12:07:36","modified_gmt":"2017-04-25T06:37:36","slug":"potential-of-blockchain-technology-in-payment-solutions","status":"publish","type":"post","link":"https:\/\/www.allerin.com\/blog\/potential-of-blockchain-technology-in-payment-solutions\/","title":{"rendered":"Potential of blockchain technology in payment solutions"},"content":{"rendered":"<p><a href=\"http:\/\/www.allerin.com\/wp-blog\/wp-content\/uploads\/2017\/04\/blockchani-payment.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-4073\" src=\"http:\/\/www.allerin.com\/wp-blog\/wp-content\/uploads\/2017\/04\/blockchani-payment.jpg\" alt=\"\" width=\"770\" height=\"513\" srcset=\"https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2017\/04\/blockchani-payment.jpg 770w, https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2017\/04\/blockchani-payment-300x200.jpg 300w, https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2017\/04\/blockchani-payment-768x512.jpg 768w\" sizes=\"auto, (max-width: 770px) 100vw, 770px\" \/><\/a><\/p>\n<p><a href=\"http:\/\/cymonz.com\/contact.html\" target=\"_blank\" rel=\"noopener noreferrer\">Implementing blockchain technology<\/a> in payment solutions involves a consensus mechanism, which consists of techniques that ensure participants processing transactions agree on which transactions are valid. Blockchain technology has the ability to drive innovation within the payment space. It provides irrevocable, real-time payments against assets having an absolute immutable state.<\/p>\n<h1>Benefits of implementing blockchain technology in payment solutions<\/h1>\n<h1>Long term cost benefit<\/h1>\n<p>Payment solutions often experience operational inefficiencies because of transfer of information or assets keeping separate records of the event. Many times, there are two separate records, and a lot of time and resources are spent reconciling the two records at each step of the transaction. Blockchain eliminates the need of spending on data related processes. Obtaining, checking, and reconciliation can dramatically be reduced by <a href=\"http:\/\/cymonz.com\/contact.html\" target=\"_blank\" rel=\"noopener noreferrer\">implementation of distributed ledgers<\/a>.<\/p>\n<h1>Risk-benefit<\/h1>\n<p>Fragmentation of security operations can affect transaction processes. Lack of transparency regarding security ownership and commitment can be challenging for payment solutions organizations. Blockchain technology is decentralized; thus, every participant in a transaction will know about all assets, thereby resolving ownership issues.<\/p>\n<h1>Speed of execution<\/h1>\n<p>Blockchain technology can use smart contracts in accordance with business rules. By using these contracts, transactions can be streamlined by cutting out counterparties and intermediaries.<\/p>\n<h1>Questions to Consider While Implementing Blockchain Technology in Payment Solutions<\/h1>\n<ul>\n<li>How prepared is the organization for blockchain and related technologies?<\/li>\n<li>Which systems should the organization be concerned about and invest in?<\/li>\n<li>Which customers should the organization work with, and on what terms must the digital ledgers be developed?<\/li>\n<li>How well does the organization know the technology and its commercial implications?<\/li>\n<li>What is the organization\u2019s position on retaining control of payment interfaces and customer identities?<\/li>\n<li>How robust is your blockchain strategy?<\/li>\n<\/ul>\n<p>Organizations must follow the following for implementing blockchain technology successfully:<\/p>\n<ul>\n<li>Determining maturity levels in the base technology<\/li>\n<li>Developing ability to scale the solutions in a thoughtful manner<\/li>\n<li>Providing access to suitably skilled pools of human resources that have a deep understanding of the technology<\/li>\n<\/ul>\n<p>Payment solution companies must focus on building and accelerating their institutional knowledge of blockchain capabilities. They must also include the technology for proofs of concept and trials of new low-risk payment products and services. These companies must give Blockchain technology sufficient time to flourish and aim for an implementation that can allow payment solution companies proper <a href=\"http:\/\/www.forbes.com\/sites\/laurashin\/2016\/05\/10\/looking-to-integrate-blockchain-into-your-business-heres-how\/\" target=\"_blank\" rel=\"noopener noreferrer\">integration with the wider blockchain ecosystem.<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Implementing blockchain technology in payment solutions involves a consensus mechanism, which consists of techniques that ensure participants processing transactions agree on which transactions are valid. Blockchain technology has the ability&#8230;<\/p>\n","protected":false},"author":1,"featured_media":4073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[301,3],"tags":[313],"class_list":["post-4038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech","category-technology","tag-blockchain-technology-in-payment-solutions"],"_links":{"self":[{"href":"https:\/\/www.allerin.com\/blog\/wp-json\/wp\/v2\/posts\/4038","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.allerin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.allerin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.allerin.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.allerin.com\/blog\/wp-json\/wp\/v2\/comments?post=4038"}],"version-history":[{"count":4,"href":"https:\/\/www.allerin.com\/blog\/wp-json\/wp\/v2\/posts\/4038\/revisions"}],"predecessor-version":[{"id":4072,"href":"https:\/\/www.allerin.com\/blog\/wp-json\/wp\/v2\/posts\/4038\/revisions\/4072"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.allerin.com\/blog\/wp-json\/wp\/v2\/media\/4073"}],"wp:attachment":[{"href":"https:\/\/www.allerin.com\/blog\/wp-json\/wp\/v2\/media?parent=4038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.allerin.com\/blog\/wp-json\/wp\/v2\/categories?post=4038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.allerin.com\/blog\/wp-json\/wp\/v2\/tags?post=4038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}