Transactions are ongoing all over the world both in the physical and in the electronic or digital forms. The move from the “trade by barter” model to the use of paper money in the 20th century was buoyed by the need to have an unlimited avenue of spending money in exchange for goods and services. The coming of the Internet in the 21st century soon reset the previous format, and instead, introduced digital transactions as spearheaded by electronic payments. The likes of VISA, SWIFT, MasterCard, and PayPal joined the fray to offer cross-border remittances.
The biggest boom of the era was the debut of blockchain and cryptocurrencies, which ushered in a different format for digital transactions. The duo made it possible for users to transact without necessarily knowing each other’s identity or meeting physically. Such was the potentialities of cryptographic payments that cryptocurrencies were soon dubbed the future of global payments. Many years down the line, it seems the dubbing may not be feasible after all because the currencies have been facing hitches in recent times.
THE PROBLEMS WITH CRYPTOCURRENCY PAYMENTS
Cryptocurrencies took a good share of the global payments, with the market value expected to clock over 1.8 billion USD by the end of the year 2021. Nevertheless, payments with crypto coins are still restricted because of the inefficiencies of some decentralized cross-border platforms like Stellar (XLM) and Ripple’s XRP.
On the other hand, blockchain payments that are mostly facilitated using cryptocurrencies are designed for the end-users/individualistic users and not necessarily for the broader community of users, comprising enterprises and companies. It is this limitation that made it an arduous task for the blockchain payments to be used in more complex applications.
Third, there are little or no efforts at enhancing blockchain payments for commercial applications. Instead, many of the blockchain-based payment platforms focus on their technical applications in the payment industry; thereby, leaving out the opportunities of increasing the user-base by delving into the commercialization of their payment platforms.
THE ALCHEMY SOLUTION
All those mentioned above and many more are some of the challenges that are prevalent in the conventional payment system. Thankfully, the Alchemy Global Payment Solutions Limited, which doubles as the parent company of the Alchemy blockchain platform, offers various payment perspectives for the improvement of the global payment industry.
Highlighted below are some of the frameworks it uses to achieve that purpose.
*Large-Scale Commercial Application
Alchemy works harder and improves on the downsides of conventional blockchain payment platforms, especially in the area of large-scale applications. It does that through the enablement of large-scale commercial applications of payments to distinct areas, including but not limited to complex transaction types, enhancement of the payment method construction, and support for complex account infrastructure.
By doing that, Alchemy makes it possible for more payment options to be added to the blockchain technology and its network as well. Among the features resident in this category are the support for multiple types of account systems, subscription payment, combined payment, and targeted payment. It also supports other payment options like the PUSHPAY mode for active payments and the PULLPAY mode for the automatic completion of deduction payments.
Still on meeting the needs of large-scale commercial applications, Alchemy also supports payment models that aim at the inclusion of all the parties in the business scenario. Some of the supported payment models are Business-to-Business (B2B), which is solely for transactions among business; Customer-to-Customer (C2C) for payments among the customers, and the Customer-to-Business (C2B) for payments originating from the customers or buyers to the company or enterprise.
There’s no denying that the openness of any venture makes it ideal for investors to come in. To that end, the Alchemy platform uses its credit scoring architecture to buoy the trust-driven capability of its platform. In light of that, the users are sure of the security of their funds, the transparency of highlighting the merchants’ credit scores, and the decentralized risk management and anti-fraud policies. Also, the trust-driven platform helps to mitigate some of the pressing security challenges like malicious user attacks, fraud, and privacy exploitation.
The concept behind the launch of the Alchemy platform is to create a medium for everyone in the crypto community to benefit from the all-around and inclusive, decentralized payment systems. Therefore, adopting the platform would be one of the feasible ways to spread the good news of expanded global payment solutions, as premised on the blockchain.