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Blockchain Integration Revives Traditional Services

NetworkNewsWire Editorial Coverage: Blockchain continues to become increasingly important in the financial technology sector. While some businesses are focused on pure blockchain solutions, others are considering how to integrate the technology into existing business practices to ensure its benefit to customers and enduring value as a technology. Global Payout, Inc. (GOHE) (GOHE Profile) has incorporated blockchain into payment and business consulting services for high-risk parts of the economy, as well as supply chain management. LongFin Corp. (LFIN) is making blockchain an integral part of import/export transactions through smart contracts, as well as using it to provide micro-lending, a vital banking service for entrepreneurs in many parts of the globe. MGT Capital Investments, Inc. (MGTI) has made cryptocurrency mining, a prominent blockchain service, part of its secure technology platform, while Global Arena Holding, Inc. (GAHC) is seeking ways to apply blockchain for greater security in elections. Patent licensing company Marathon Patent Group, Inc. (MARA) has invested in crpytocurrency mining as a way to broaden its technology-driven business. Across the board, companies are finding ways to integrate blockchain into existing work.

New Technology, Old Services

Blockchain has been the center of a storm of attention in recent years, and with good reason. The distributed ledger technology can be used for more than just cryptocurrencies. Blockchain allows secure decentralized information storage, faster financial transactions and smart contracts that automatically release payment on completion. By decentralizing data storage, it could also remove the risks of fraud and failure associated with a single point of control.

The real power of blockchain, however, isn’t in what it can do in isolation. Like any technology, it becomes most valuable when integrated into daily life. Forward-thinking companies are increasingly looking for ways to integrate blockchain’s financial technology potential into wider work. By building clusters of services around blockchain, these companies are making blockchain more useful, appealing and profitable for a wide range of customers.

Integrating Blockchain into Daily Payments

One of the companies leveraging blockchain is Global Payout, Inc. (GOHE). Founded in 2009, Global Payout is exploring the potential for blockchain in the payment sector and beyond. In doing so, the company is weaving the potential of this new technology into the needs and processes of other businesses. Its payment solutions for large and small businesses build seamless transactions on a blockchain platform so users don’t have to differentiate between old and new payment technologies. Familiar interfaces ease the transition into a new world of faster, more efficient payment and better record keeping.

This movement began with Consolidated Payment Gateway (CPG), the company’s first substantial payment platform for businesses. CPG provides a central platform for the processing of payments around the world. At the front end, individual users have access to mobile accounts, direct bank payment and prepaid card accounts for a comprehensive, customized payment solution. In the background, the latest financial technology facilitates payments and supports central oversight for an integrated solution that suits businesses as well as employees.

In 2017, Global Payout followed CPG with Global Reserve Platform (GRP). Built around the Global Reserve Administration module, GRP also provides a customizable platform through which businesses can manage payment processing. From front-end payment options to backroom administration, it smoothly integrates advanced technology into regular business practices. Mobile wallets and prepaid cards connect the system to users’ existing payment expectations and mobile technology.

This integration extends to larger scale financial transactions. GRP can be used to process grants, loans and international payments. Cutting-edge technology not only connects neatly into existing processes but links the parts of those processes together.

Integrating Blockchain into Wider Business

Another example of Global Payout’s integration of high technology into everyday life is its MoneyTrac Technology subsidiary.

MoneyTrac provides a blockchain-based payment platform for businesses in the cannabis industry. Given the lucrative nature of the medicinal and recreational cannabis markets in North America, access to safe, secure payment processes is essential for companies operating within the industry. Unable to access traditional banking services, many businesses were historically stuck with inefficient and insecure cash payment systems – until now.

MoneyTrac’s customizable payment software provides a complete integrated system for companies seeking payment solutions. At the customer-facing front end, MoneyTrac supports bill payment and loyalty schemes, making payment and customer relations smooth and easy. Cash logistics options are even available, allowing customers to purchase using familiar payment methods. However, easy electronic payment is also available through a blockchain-based system.

At the back end, MoneyTrac’s system provides an audited, fully compliant banking system, making it easier for businesses to follow the high standards of regulation associated with this sector. The software also makes it easier for businesses to apply for bank accounts, thus integrating high-risk business systems with traditional finance.

Global Payout has further integrated its financial technology into broader business practices by offering MoneyTrac alongside a flexible package of business solutions. The company offers business consulting on a wide range of topics, including compliance, HR, contracts and incorporation. Branding and marketing support help businesses identify the best way to present themselves in the market and to their customers; digital support includes website and email design. And these additional business solutions are all available through the customizable front end of the payment system.

By incorporating blockchain into a complete package of support for a modern business, MoneyTrac ensures the smooth adoption of the technology.

Finding New Integrations

In addition, Global Payout is finding new ways to integrate its blockchain payment solutions with other areas of business.

MoneyTrac accomplishes this through a series of collaborations with other companies. An agreement with Eychronic.tv is set to expand media and advertising solutions for Eychronic.tv’s clients. In-store media services and digital advertising options will become part of MoneyTrac’s complete technological package for customers. MoneyTrac has also partnered with Crypto Cowboys, a company providing build, supply and support services for cryptocurrency exchanges. This joint venture will expand MoneyTrac’s presence in blockchain-based currency and payment solutions. Another partnership with GreenBox POS is set to provide disruptive point-of-sale technologies, integrating blockchain software into a range of payment services.

Another Global Payout subsidiary, SecurCapital, is using blockchain to improve supply chain finance in the mid-tier logistics industry. Forwarders, contractors, carriers and suppliers can all benefit from SecurCapital solutions, including swift global payments, invoicing and proof of delivery. Launched through blockchain conferences in the United States, China and the UK, SecurCapital will provide users with a system that eliminates delays and middlemen, speeds up transactions and smooths out the global supply chain. As with much of Global Payout’s work, the results come not from focusing on the flash and dazzle of blockchain but from integrating that technology into existing processes. The unexpected application of blockchain to better fulfill existing business needs ensures the future of the technology and of the companies applying it in smart ways.

Blockchain across Business

Other companies exploring ways to integrate blockchain into established business practices:

LongFin (LFIN) uses blockchain to provide smooth, secure transactions for import/export businesses. Its blockchain systems create smart contracts where the contract is automatically completed once specific criteria are met. Completion can allow the automatic release of funds or fulfillment of transactions. Longfin also integrates blockchain into the process of micro-lending through its recently acquired subsidiary Ziddy.com. This blockchain-driven lending empowers small businesses and entrepreneurs around the world.

MGT Capital Investment (MGTI) has invested in cryptocurrency mining as part of a broad platform of investment in secure technology. It has established one of the largest bitcoin mining facilities in North America, providing a high rate of return through the world’s leading blockchain-powered currency. But the company’s vision extends beyond this. Its commitment to data mining is setting up the company with processing power to run other blockchain-based services as this technology grows.

Holding and technology development company Global Arena Holding (GAHC) has invested in blockchain with a very different goal in mind. The company’s subsidiary Global Election Services working with labor organizations, credit unions and other groups to help run elections around the world. Global has created a second subsidiary, GAHI Acquisition Corp., to invest in blockchain technologies for election registration and tabulation processes. If this work bears fruit, Global Arena Holding will be able to incorporate blockchain into existing election support services, preventing electoral fraud through blockchain’s system of unalterable past records.

Marathon Patent Group (MARA), a patent licensing and commercialization company, has expanded beyond its core focus on intellectual property exploitation to cryptocurrency mining through its wholly owned subsidiary Marathon Crypto Mining. A recently announced second mining facility will allow the company to expand its profits through the blockchain-based currency space. Even when blockchain isn’t being integrated into the core work of a business, crypto mining can be integrated into a broader platform to increase the business possibilities for a technology-oriented company such as Marathon.

With blockchain continuing to become increasingly important in the financial technology sector and beyond, companies such as Global Payout are positioning themselves to make the most of this new opportunity.

For more information on Global Payout, visit Global Payout, Inc. (GOHE)

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