Blockchain and Mobile Payments

When Blockchain technology rolled around (2009) it was viewed with skepticism. It was created by the same people who created Bitcoin, they needed a method to transmit interactions electronically through the web with no chance of hacking or corruption. Fast-forward to 2016 and Blockchain technology is sweeping the globe as the safest and most effective way to conduct any type of transaction online. Everyone from banks to retail stores to Mom and Pop grocery stores are getting on-board with Blockchain. They want to offer savvy consumers the safest way to buy, sell, store, transmit or broadcast information and financial data safely and without fear of being hacked or compromised.

How does that work?

Here is the simple answer: Blockchain technology takes all the data it is given, then disseminates  that information along a line of nodes (computers or servers). There are millions of nodes within the Blockchain platform that diffuse the data. No single node has the information needed to give a hacker or cyber-thief enough information to act on. Add to that endless line of storage devices the encryption of each one seperately and safety is guaranteed. Just cracking one node is useless, cracking all of them is impossible.

How does that affect my mobile phone?

Mobile phones have become the device of choice when shopping online, or in person. Blockchain technology has enabled mobile phones to become electronic wallets and storage devices, keeping all the data safe from unwanted attention. Your mobile phone is a flexible point of sale device and online shopping utensil, not to mention your primary communications tool. Whether you are storing a lot of personal financial data, hundreds of documents related to your work or some pictures of your kids, it is all protected by Blockchain technology and cannot be hacked.

Gone are the days of easily hacked mobile phones.

Every company around the globe is building proprietary Blockchain structures to guarantee data safety . One of these companies is Netclearance, they have rolled out their own Blockchain technology for cell phones. Through the use of mBeaconPay, cell phone users can shop online or at a brick and mortar store without ever having to open their wallet or use a credit card, ensuring a safe and cash-free transaction. Best of all? All financial data is safe whether you are a buyer or a seller.

Flexibility is key

MBeaconPay also tracks all of your sales and purchase data and stores that information for you in your place of choice. If you are a store owner, there are no more clunky transaction terminals and card readers, just a few taps on a keypad and the transaction is complete. Payments are made online, over the phone, at the register with a few clicks or waving the mobile phone in front of a small reader.

The future is here.

Blockchain technology and mobile phones are the future of all financial transactions. With over 52 billion dollars in transactions for the first half of 2016, it is a fact.  Whether you are selling goods or buying them, you need to look into Blockchain technology and mobile phone P.O.S. transactions.