The reasons why blockchain transactions are able to eliminate so many middlemen is that encryption, crypto identity, and the account balance is built into a decentralized system where the account history itself is used as the identity. This data is stored on many different cryptographically secure computers, not on one central database. Each computer in the system has the same software and collectively confirms transaction information without the need for human intervention/errors. If done properly, it can increase the speed of the transaction while providing more stability, redundancy, security, and transparency.
By eliminating access points and removing publicly available information, the blockchain removes the most prevalent forms of fraud. Crypto Identities on the blockchain are not stored by one major database like Equifax, Transunion or Experian, all of which have been hacked. By using public keys to provide access to your encrypted account, individuals can control the information that is accessed by any other individual or organization. This removes the need for ever-changing credit card numbers which are readily accessible for sale on the dark web. By removing infrastructure access points at financial institutions and payment processors, there are no security risks that are vulnerable to hackers or malware. The only access point is through your crypto wallet which is stored on your phone or computer. Similar to a bank account, it is important to keep your access information and private encryption key private. If stolen, your entire account could be compromised.
Today, the concept of blockchain is foreign to most consumers and will take time to be incorporated into daily life. Similar to the internet, blockchain will create new models for any transaction requiring identity, currency, payment, contracts, loyalty, information, security, etc. It will impact industries that depend on multiple parties for oversight and centralized databases. It is easy to get lost in what the future holds, which is why we are focusing on how retail businesses operate today.
seedpay helps local communities thrive by delivering a more secure and effective payment infrastructure. Local businesses depend on legacy payment infrastructure to run their business which is not built around loyalty. By using blockchain technology seedpay is able to deliver payment solutions that meet statewide and local needs. Unlike other payment technology seedpay has built an entirely new infrastructure that lowers costs, increases loyalty and seamlessly gives back to local communities.