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April 2013

Blockchain.com Partners with Payment Processor BitPay

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BitPay

BitPay

Cryptocurrency wallet provider Blockchain.com has announced a partnership with a Bitcoin payment processor, BitPay. Through the partnership, Blockchain.com is expected to incorporate BitPay’s payment technology into its wallet service.

Blockchain.com Users to Get Access to BitPay’s Network

Blockchain.com is currently the world’s most popular Bitcoin wallet provider with over 30 million wallet users across 140 countries. The company, which was founded in 2011, mostly holds Bitcoin APIs in the wallets. BitPay has a global reach of more than 20,000 customers. BitPay’s collection of products enables users to send and receive payments across the border. Equally, it makes it easy for the customer to manage their digital assets and turn the tokens into fiat currency using the BitPay Prepaid Visa Card.

With the integration of BitPay architecture into the wallet service of Blockchain.com, merchants will now be able to make online and mobile payments. They will be able to scan or copy invoices as well as process Bitcoin payment through the wallet app. The partnership also makes it possible for users to provide products and services through an extensive merchant network while at the same time maintaining possession of the private keys.

>> Facebook’s Libra: Coinbase’s Ex-Policy Head Will Lead Lobbying

BitPay Processor Handles Over $1 Billion in Bitcoin Annually

Every year BitPay processes close to $1 billion in Bitcoin for individual clients and businesses, as well as more than $2.8 billion in other digital assets for institutional clients, for over seven years now. The company has created an ecosystem of merchants accepting their payments such as Delta, Amazon, and Hotels.com. The payment processor, besides offering the option of settling payments in fiat currency, can also provide invoices.

Blockchain.com indicated in a statement that it is excited to add BitPay to its wallet because it will connect users to a network of merchants that readily accepts Bitcoin as a payment method. The statement indicated that this was one of the main ways of interacting with and growing the digital asset ecosystem. Blockchain.com’s wallet service, which is noncustodial, provides users with a Know-Your-Customer verification option for those who prefer in-wallet trading capabilities.

Featured image: DepositPhotos © minervastock

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NetCents Technology Signs its 50th Partnership Agreement

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Vancouver, British Columbia–(Newsfile Corp. – November 13, 2019) – NetCents Technology Inc. (CSE:NC)(OTCQB:NTTCF) (Frankfurt: 26N(“NetCents” or the “Company”) . NetCents is pleased to announce the signing of its 50th Partnership Agreement with Agape Global Services Inc., (“Agapay”).

Agapay provides premium credit card processing services providing growing businesses credit card processing, e-commerce, and other electronic processing solutions for continuity of revenue and payment flows.

Over the last 24 months, the Company’s focus has been twofold. Firstly, it was to design, develop and build out the required technical infrastructure necessary to allow crypto-based payments to become mainstream. This resulted in the release of over 12 different significant upgrades and improvements to the NetCents Platform. Instant settlements, multiple terminal, Point of Sale (“POS”) & eCommerce integrations, Asset Management Platform, deployment of the Software as a Service (“SaaS”) based platform, crypto-banking stack and zero confirmation to name but a few. The stable of products the Company now offers is varied and includes; file management, authorization services; and settlement services for multiple crypto-currency formats.

Secondly, the Company looked to imbed itself into the traditional payment space by making the processing technology easier and more cost effective for merchants to implement and use while simultaneously making it simpler for consumers to use. NetCents went out and signed major manufacturers of the industry leading POS devices (PAX, Clover, Ingenico, ExaDigm, Poynt, AMP, Verifone) so as to imbed the NetCents software into their devices. This has provided NetCents with the potential to reach over 40 million active terminals worldwide.

Clayton Moore, CEO of NetCents Technology, said,

“The 50th agreement means that our partners who are a combination of Independent Sales Organizations or ISO’s (a third-party payment processing company that handles merchant accounts), Processors (handle merchant transactions for merchant acquiring banks) and Gateways (facilitates payment transaction between payment portal and processor) combine to give NetCents a reach to an estimated 7 million merchants and who collectively process well over a billion dollars annually in the traditional processing space. That is an accomplishment.”

He further went on to say,

“The onboarding of merchants was initially slower than anticipated but as the Company has publicly said, the uptake in both merchant onboarding and processing volume has been increasing steadily over the last number of months. The Company feels very strongly that by continuing to follow this path, the Company will continue to become the underlying technology for crypto-currency payments akin to the Automated Clearing House (“ACH”), an electronic funds-transfer system that facilitates bank to bank payments, credit and debit transactions in North America. Last year the ACH Network processed USD 23 billion in payments. The value of ACH payments last year was USD 51.2 trillion.”

About NetCents

NetCents Technology Inc. (CSE:NC)(OTCQB:NTTCF)(Frankfurt: 26N) is a next-generation online payment processing platform, offering consumers and merchants online services for managing electronic payments. The Company is focused on capturing the migration from cash to digital currency by utilizing innovative Blockchain Technology to provide payment solutions that are simple to use, secure and worry-free. NetCents works with its financial partners, mobile operators, exchanges, etc., to streamline the user experience of transacting online.

NetCents Technology is integrated into the Automated Clearing House (“ACH”) and is registered as a Money Services Business (MSB) with FINTRAC, which ensures our consumer’s security and privacy. NetCents is available for deposits from 194 Countries around the World, providing you with the freedom to choose to Pay. Your Way. ™

Cautionary Note Regarding Forward-Looking Information

This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

Persisting Problems | Will Blockchain Be Used in the Next US Election?

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blockchain election

blockchain election

Have you ever stepped inside a voting booth, submitted your choice electronically, and wondered, “Did the vote actually go through? What if a malicious party changes my vote?” Those kinds of doubts dominate discussions about election security. As voting increasingly happens via computerized equipment, cybersecurity experts often warn how it’s easier than someone may think to hack into a system and wreak havoc. 

Some people wonder then, might blockchain technology bring about a more secure way for people to vote? Let’s look at that possibility.

Politicians Bringing More Visibility to the Issue

Presidential hopeful Andrew Yang increased awareness of the idea that blockchain technology could solve some voting security and convenience issues. One of the central points of his campaign centered on modernizing voting by letting people cast ballots through mobile apps, then the blockchain verifying them. The idea on its face sounds great, especially since many individuals don’t like the prospect of waiting in long lines and taking time out of their already-busy schedules.

Also, the Permanent Subcommittee on Investigations, which is associated with the US Senate Committee on Homeland Security & Governmental Affairs, recently held a virtual roundtable to assess the feasibility of allowing Senate members to vote via online means due to the crises caused by the COVID-19 pandemic. 

Among the topics brought up were end-to-end encryption, along with a blockchain-based voting tool. The memorandum about the meeting mentioned how the blockchain could reduce instances of incorrect vote tallies by providing a tamper-free record. It also brought up how Estonia is one of the countries already using the blockchain to run entirely-online elections. 

The information acknowledged, as well, that the blockchain is not a foolproof system. It discussed cryptographic errors, software bugs, and majority control of the blockchain falling into the wrong hands as possible risks. Everyone consulted during the discussion agreed with the necessity of a senator verifying their vote after casting it. The attendees discussed a variety of ways to make that happen.

We are not at the point where senators or anyone else in power is ready to approve any method of voting with help from blockchain. The fact that it’s in discussions as a viable option is a positive development, though.

Why Could the Blockchain Work Well?

Blockchain-supported voting could be a smart move because it may increase voter turnout. People often think of cryptocurrencies and the blockchain together. Younger and tech-savvier individuals often find cryptocurrency appealing due to how it keeps identities private. Plus, the idea of voting through an app attracts anyone who may experience difficulty getting to a polling station.

Plus, as the discussion above mentioned, the blockchain offers a transparent system that allows verifying a person’s votes and preventing tampering. The blockchain is not perfect, but it could give a voter more visibility to help them ensure they have their voice heard. 

Many people worry about the US voting system’s vulnerability. They assert something must happen soon, or we risk compromising our democracy. Moving ahead with the blockchain for voting would give the impression of progress made. 

Obstacles Associated With Voting Via the Blockchain

The blockchain is like most other technologies in that it has flaws. Some experts warn that it’s not ready for the kind of widespread usage a national election requires. Those are not unfounded concerns, either. 

Earlier in 2020, MIT researchers published a report about Voatz. It’s an app claiming to record votes on a permissioned blockchain. However, the group found no evidence that the app uses the blockchain to confirm genuine votes. Even more worrisome was that the investigation revealed how a party with remote access to the app could view a person’s vote and change it. 

Voatz is not the only app for voting with blockchain, but the MIT researchers showed hesitations that apply to them all. They mentioned how the people working on the apps might have good intentions but lack knowledge of election security. Also, another issue affecting the tech industry at large is that many new offerings reach the market before getting thoroughly reviewed. Companies race to be first, and security may get overlooked in that rush.

Another recent development concerns an open letter penned by experts in cybersecurity, science, and computing to address officials at all levels of government. They insist that no internet voting system has the required security, and relatedly, that blockchain cannot “mitigate the profound dangers inherent in internet voting.” The authors backed up their claims with two decades worth of science-based research. 

An initiative from the Kaspersky Innovation Hub uses blockchain differently. It resulted in a blockchain-secured voting machine that lets people submit ballots in person if desired. That setup still has an online component, so it does not eliminate the concerns expressed in the open letter. Kaspersky’s invention could ease the minds of people who balk at voting through a smartphone or computer, though.

Likely a Too-Short Timeframe

Voting with blockchain is undoubtedly on the table as an option for future consideration. Anyone excited about possibly sending their votes to the blockchain in the upcoming US presidential election likely has their hopes up far too high, however. That event is less than six months away, after all.

Something that seems more likely is that voting in many places around the country may happen differently than usual. The COVID-19 pandemic and the need for social distancing already means candidates cannot hold in-person rallies, and it’s difficult to imagine the circumstances changing enough before election day happens. People already encounter extremely long lines at polling stations, and they especially would if required to stay six feet apart. 

Voting by mail seems a much more viable option to use around the nation in November, mainly since some states already use it, as do American citizens living abroad. Rolling that system out to everyone is still far-fetched due to the timing, but it’s arguably more feasible than blockchain voting as things stand now.

This article was curated through CryptoCurrencyNews’ Contributor Program. If you would like to write for us, send us your submission!

Featured image: Pixabay

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