Blockchain for Payments and Remittance – ZoidPay

Blockchain technology is ready to accommodate both consumer models.

If a millennial today pays $4 for coffee and has it delivered to his office, he does it using traditional payment systems. The operation employs numerous mechanisms that do not have anything to do with the coffee he or she bought. A myriad of services imposed by intermediaries get a slice of the amount paid. Furthermore, charge-back policies act as a bottleneck for business cash-flow, turning accountancy into a mine field.

Blockchain solutions are not perfect, but prove to be vastly superior to traditional payment systems. Blockchain solutions are void of intermediaries. This fact alone is a big leap forward for consumers and merchants alike.

Transactions are performed on a peer-to-peer basis. Individuals and merchants transact directly and unaltered by third parties. The lack of charge-backs translates to steady cash-flow, as the amounts paid go directly into the merchant’s account in seconds. Accountancy will then reflect “real-time” cash-flow, reducing costs.

If a generation ‘Z’ individual will need to reduce the amount he or she spends on processing fees, blockchain based solutions will fit like a glove.

Blockchain based solutions deliver cheap, immutable and secure transactions. Since intermediaries are a thing of the past, the only fees that are left to pay are the ones paid to miners to secure transactions and maintain the network. Those are fees people will gladly pay for a network that ridiculously simplifies payment processing.