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Connecting a supply chain or sales platform to the payment processor provides a different means of making transactions and making payments.
Blockchain technology gained notoriety because of the use of cryptocurrencies, an application that usually involved only the flow of money. Most of the currency transferred back and forth was essentially detached from the flow of goods.
For a while, many people simply clung to their crypt and treated as an investment.
Now that companies use blockchain to work in different areas, such as supply chains, there is a flow of money that goes in one direction and a flow of goods in the other.
And connecting the flow of goods and money becomes extremely important, because once it has been done, companies can do things like automate payments or confirm transactions. In fact, it is a natural progression for supply chain participants to adopt blockchain payment processors.
What results is a system that increases efficiency, automation and liquidity in the supply chain.
That's why it will be so important to move on:
A cryptographic payment system introduces greater liquidity into the markets.
Linking a supply chain or a payment processor sales platform provides a different means of making transactions and making payments, opening up new sources of liquidity for the companies involved.
Even if a company is cash-forward, they can use other assets or currencies to make transactions between supply chain participants. For example, & nbsp; a business could& nbsp; occasionally pay contractors with bitcoins, but they probably can not use it to pay producers or other participants in the supply chain.
Simplified payment improves efficiency and automation.
Supply chains already have systems for processing individual payments, but they are disjointed. They do not really work in a simple and elegant way.
And this inefficiency has consequences for the companies that use them. For example, our Chronicled team, which specializes in supply chains, is not immune to the delays or problems of working with an outdated system.
The cryptographic seals we use seem simple enough, but require a number of different parts. One company creates the antenna and another creates the chip that transforms it into the NFC inlay. A third supplier puts everything in a tamper-proof sticker. Now, our team does not order large quantities and none of these sellers are exceptionally far from one another. But the task of filling out orders and completing them is incredibly long.
Processes like this can take months depending on the type of product on which the company is working.
While many of these systems could become more efficient by digitizing and automating the flow of data and information, it is not enough. Digital documents are not valuable if they are sent to someone with a blockchain-based payment processor.
And as more companies adopt cryptographic and blockchain technology, the exchange of that value will become much more important.
A point-to-point transaction can reduce costs for companies.
Recently there has been a lot of news about all the things that individuals can do now buy with cryptocurrency.
And while it may be interesting to pay a pizza with bitcoins, blockchain payment systems are best for dealing with a large amount of data and transaction volumes. You want to start in areas where there are extreme inefficiencies, which usually means big industries and businesses. That's where there's more space to innovate and improve existing facilities.
At this time, existing facilities are often specific to a sector or company and expensive to build. A blockchain payment processor bears the burden of individual companies providing a unique solution for everyone in a supply chain or industry. Indeed, we are currently witnessing with companies like CoinPayments, BitPesa, Coinbase and Aliant all trying to increase their payment processing systems.
Allowing companies to process transactions automatically and avoiding or significantly reducing transfer costs is a huge step forward in terms of efficiency and savings. It may not be so flashy buy Starbucks with bitcoinsbut this is where we will see real and measurable improvements in industries in the future.
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Connecting a supply chain or sales platform to the payment processor provides a different means of making transactions and making payments.
Blockchain technology gained notoriety because of the use of cryptocurrencies, an application that usually involved only the flow of money. Most of the currency transferred back and forth was essentially detached from the flow of goods.
For a while, many people simply clung to their crypt and treated as an investment.
Now that companies use blockchain to work in different areas, such as supply chains, there is a flow of money that goes in one direction and a flow of goods in the other.
And connecting the flow of goods and money becomes extremely important, because once it has been done, companies can do things like automate payments or confirm transactions. In fact, it is a natural progression for supply chain participants to adopt blockchain payment processors.
What results is a system that increases efficiency, automation and liquidity in the supply chain.
That's why it will be so important to move on:
A cryptographic payment system introduces greater liquidity into the markets.
Linking a supply chain or a payment processor sales platform provides a different means of making transactions and making payments, opening up new sources of liquidity for the companies involved.
Even if a company is cash-forward, they can use other assets or currencies to make transactions between supply chain participants. For example, a company can occasionally pay contractors with bitcoins, but they probably can not use it to pay producers or other participants in the supply chain.
Simplified payment improves efficiency and automation.
Supply chains already have systems for processing individual payments, but they are disjointed. They do not really work in a simple and elegant way.
And this inefficiency has consequences for the companies that use them. For example, our Chronicled team, which specializes in supply chains, is not immune to the delays or problems of working with an outdated system.
The cryptographic seals we use seem simple enough, but require a number of different parts. One company creates the antenna and another creates the chip that transforms it into the NFC inlay. A third supplier puts everything in a tamper-proof sticker. Now, our team does not order large quantities and none of these sellers are exceptionally far from one another. But the task of filling out orders and completing them is incredibly long.
Processes like this can take months depending on the type of product on which the company is working.
While many of these systems could become more efficient by digitizing and automating the flow of data and information, it is not enough. Digital documents are not valuable if they are sent to someone with a blockchain-based payment processor.
And as more companies adopt cryptographic and blockchain technology, the exchange of that value will become much more important.
A point-to-point transaction can reduce costs for companies.
Recently there has been a lot of news about all the things that individuals can do now buy with cryptocurrency.
And while it may be interesting to pay a pizza with bitcoins, blockchain payment systems are best for dealing with a large amount of data and transaction volumes. You want to start in areas where there are extreme inefficiencies, which usually means big industries and businesses. That's where there's more space to innovate and improve existing facilities.
At this time, existing facilities are often specific to a sector or company and expensive to build. A blockchain payment processor bears the burden of individual companies providing a unique solution for everyone in a supply chain or industry. Indeed, we are currently witnessing with companies like CoinPayments, BitPesa, Coinbase and Aliant all trying to increase their payment processing systems.
Allowing companies to process transactions automatically and avoiding or significantly reducing transfer costs is a huge step forward in terms of efficiency and savings. It may not be so flashy buy Starbucks with bitcoinsbut this is where we will see real and measurable improvements in industries in the future.
