A major capability of blockchain is its ability to use “smart contracts.” Smart contracts are self-executing programs that can automatically execute payments or other actions when specific conditions are met. This is especially helpful in e-commerce. Processes can be sped up when payments are automatically issued when it is verified that a customer received their products/services.
“This is the future of payments. It will allow us to provide even better payment processing solutions for business owners and consumers. Even IBM is working on a blockchain system; they say it will reduce one of their processes from 44 days to 10. This is innovation and we want to continue to lead our industry,” said Founder Andy Khawaja.
“We’re excited to implement blockchain technology into our products and provide even safer, quicker, cost-efficient payment solutions,” Andy Khawaja added.
Because blockchain transactions are so low cost, this new technology could shift the way people consume media. Blockgeeks claims that this may even make subscription and streaming services irrelevant due to the ability to such low transaction costs associated with blockchain.
All industries must evolve and blockchain technology certainly will change the way we transact, lowering the costs for business owners and eventually consumers. Allied Wallet China proudly announced that they will be implementing this lower cost, secure technology within their services in summer of 2020.