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 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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