NetworkNewsWire
Editorial Coverage: Blockchain technology is responsible for
transformations far beyond its original application as the basis of
cryptocurrencies. Global Payout, Inc. (OTC: GOHE) (GOHE
Profile) is applying blockchain in facilitating
payment services, as one example of its divergent potential.
Global Arena Holding, Inc. (OTC: GAHC) is
demonstrating another as it uses blockchain to ensure fair
elections. BTCS, Inc. (OTCQB: BTCS) is investing
in a range of blockchain developments, including cryptocurrency
ATMs. Companies such as Marathon Patent Group, Inc.
(NASDAQ: MARA) are turning to crypto mining as an extra
revenue stream, and Seven Stars Cloud Group, Inc. (NASDAQ:
SSC) is providing a bridge between new and old forms of
investment.
Across the economy, and in a range of different services,
blockchain is making its mark.
Worldwide Options in Blockchain
Over the past year, there has been a lot of excitement among
investors about the possibilities of blockchain. The technology
underlying cryptocurrencies is a distributed ledger system that
provides a method of record maintenance wherein each transaction
relates to the ones before and after it in a sustained information
chain. Because records are dispersed across a network rather than
being kept in a single place, they are more secure through their
transparency.
Blockchain enables efficient and fast interactions between
agents in different parts of the world. Its features can be used
not just as the basis of currencies but for auditing, logistics,
contracts and a host of other business needs as well.
As more possibilities emerge, more companies are stepping
forward to make the most of them.
Financial Management
Financial technology company Global Payout,
Inc. (OTC: GOHE) is exploring how blockchain can be
used to provide a wider range of economic services. The company is
a provider of comprehensive and customized payment solutions. Its
Global Reserve Platform (GRP) is a complete “banking in a box”
system that allows organizations to manage their financial
transactions through a single medium. Covering everything from
biometric payments to government benefits, it increases the speed
and efficiency of financial transactions.
Nearly a decade in the financial technology sector has provided
Global Payout with extensive experience to meet the challenges
facing modern businesses in processing and recording financial
interactions, and the adoption of new-potential technology such as
blockchain shows the company’s ability to continually apply that
experience.
Better Ways of Paying
When it comes to delivering payment systems, Global Payout is
working with partner company MoneyTrac to introduce faster,
lower-cost systems for businesses who struggle to access other
means of completing financial transactions. MoneyTrac’s MTRAC
payment system allows customers to make payments through blockchain
technology that provides the foundational tracking and recording
data necessary to effect the transactions. This helps the business
avoid high costs often associated with credit card payment
processing and helps consumers avoid having to make cash payments.
While many banking merchants charge as much as 7.5 percent of the
transaction value to process credit card payments, MTRAC’s charges
are as low as 2.5 percent.
The introduction of MTRAC will bring particular benefits for one
group of high-profile customers — the cannabis industry.
State-legal cannabis merchants, as agents in a high-risk sector at
odds with federal government regulations, have struggled to access
traditional banking and payment methods. Providing them with an
accessible and secured payment system fulfills MoneyTrac’s stated
aim of providing “Key to Cashless™” payment options.
By providing payment services to a sector previously forced to
use cash, and by removing the inefficiencies and excess charges of
traditional banking, MoneyTrac and Global Payout have the
opportunity to swiftly draw customers to their new payment system.
Cryptocurrency markets have seen rapid ascendancy during the past
year, as well as corrections that have led many analysts to refer
to the “bitcoin bubble” as a description of their fluctuations. But
the trend also shows that people have wanted to be able to avoid
high fees and inefficiencies associated with banks and older
payment methods, and to be able to make payments without having to
work through intermediaries.
Reliable Record Keeping
One of the great advantages of blockchain is the reliable,
unalterable record trail that it creates. This helps with
accounting and provides a significant measure of legitimacy for
businesses operating in heavily regulated industries such as
cannabis production and distribution. It is therefore of great use
to MoneyTrac and Global Payout’s customers.
Because each link in the blockchain is built on the ones that
came before, old records are kept within new ones. The record trail
is constantly present in each new transaction.
This building of new data on top of the old, together with the
distributed nature of a blockchain ledger, means that older records
cannot be altered or corrupted. If someone tried to alter an older
record, then it would not connect up with the more recent ones, and
the error in the data would be obvious to other record keepers. As
a distributed ledger, blockchain is stored by multiple people, and
so such a change would be visible to others using the system.
As a result, blockchain provides a reliable audit trail. This is
invaluable for compliance, one of the areas in which MoneyTrac
excels at in supporting its clients. Meeting the requirements of
regulators is vital in handling both money and cannabis, and the
company offers support and advice in this compliance work. As
blockchain becomes more widely available, it could become one of
the most effective solutions for compliance because of the
reliability of its built-in audit trail.
MTRAC CEO Vanessa Luna pointed out during the launch of the
company’s technology in April that blockchain-based payment and
record-keeping systems will even help local authorities in their
regulatory role. "We are extremely excited to be getting this
payment platform off the ground,” Luna said (http://nnw.fm/SUs2D). “We plan to pay special
attention to marketing and recruiting local governments and
municipalities to adopt the technology as a means for both
regulating legal cannabis sales and tracking it for tax
purposes.”
A Variety of Blockchain Projects
The application of blockchain to different business needs is
leading to a variety of potentially powerful projects.
One of the early investors in blockchain was Global
Arena Holding, Inc. (OTC: GAHC). A holding and technology
development company, it has acquired six blockchain startups, six
blockchain patents and investment funds to develop these into
profitable enterprises. Its most distinctive work comes in
supporting the running of elections. Its subsidiary Global Election
Services supports elections all over the globe for organizations
including labor groups and credit unions. A second subsidiary, GAHI
Acquisition Corp., is investing in blockchain for election
registration and tabulation. If this pays off, then blockchain
could provide the sort of secure record keeping needed to prevent
voter fraud and help spread democratic processes.
BTCS, Inc. (OTCQB: BTCS) is among the companies
investing in a broad spread of blockchain products. The first
publicly traded company in the United States to focus solely on
blockchain and cryptocurrencies, it has developed a broad
investment portfolio centered around digital assets and
cryptocurrency investments. Its investments have gone into a range
of different blockchain-oriented companies, including those looking
to encourage businesses to adopt the technology and bring it to the
high street through ATMs.
Many companies, including tech giants and banks, have started
taking out patents on new blockchain products. Patent licensing and
commercialization company Marathon Patent Group, Inc.
(NASDAQ: MARA) took a similar interest in blockchain and
then began growing beyond its core intellectual property business.
It has created a subsidiary in the form of Marathon Crypto Mining
that will benefit from the growth of cryptocurrencies. Through two
cryptocurrency mining facilities – large data centers that
establish the validity of digital currency and record the financial
transactions within the blockchain – it has put itself at the heart
of the digital economy. As cryptocurrency grows, such companies
will help to enlarge this sector of the economy and make it
accessible to more people.
Seven Stars Cloud Group, Inc. (NASDAQ: SSC) is
a financial technology company using blockchain and artificial
intelligence to power next-generation innovations. It provides the
infrastructure and environment to help transform traditional
financial markets as they enter the new era of digital trade, and
to support investors in switching between old and new products. As
more people adopt blockchain and cryptocurrencies, this will be a
vital part of the growth of new markets.
With companies applying blockchain in so many different ways,
the transformation of world economies through trust-building
technologies appears to be possible in opening trade to a brighter
future.
For more information on Global Payout, Inc., please visit
Global Payout,
Inc. (GOHE).
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