Mr. Clayton Moore reports
NETCENTS TECHNOLOGY ELIMINATES BLOCKCHAIN TRANSACTION DELAYS WITH ZERO CONFIRMATION AND RISK ANALYSIS
NetCents Technology Inc. has released its zero confirmation and risk analysis technology that guarantees cryptocurrency transactions before they are confirmed on the blockchain.
"The delay in transaction approval is the biggest hurdle for card present, retail merchant and partner adoption. As it is right now, there is a delay for all cryptocurrency transactions, opening a window for transactions to time out, [for] fraud and double spending," stated Clayton Moore, chief executive officer of NetCents Technology. "The launch of this technology lines up with our POS and terminal integration and rollout. Being integrated with companies like Oracle and PAX, who alone have over 26 million terminals, the delay at the point of sale was something that we knew we needed to eliminate to instill confidence for retail merchants to begin accepting cryptocurrency and avoid transaction delays for the consumer."
In addition, the company will be licensing this technology to cryptocurrency payment processors, retailers and any business that is looking to validate a transaction before the transaction is confirmed on the blockchain. There are currently over 287,000 blockchain transactions per day that this technology can be applied to. With the wait time currently being the biggest hurdle for retail adoption, this technology eliminates that hurdle, which the company anticipates will further drive merchant and transaction growth.
The NetCents zero confirmation and risk analysis technology facilitates near-instant, risk-mitigated commerce, guaranteeing the cryptocurrency transaction before it is confirmed by miners on the blockchain. The technology provides a score for each transaction, guaranteeing the transaction against double spend, expiration and other fraud. If the transaction passes the NetCents scoring algorithm, the transaction is approved with zero confirmation. At launch, the company will be using this technology for all bitcoin transactions and will be rolling out for Litecoin and bitcoin cash transactions within the next six weeks.
This platform enhancement reduces the wait time at point-of-sale transactions. which the company has seen take up to 30 minutes. With zero confirmation and risk analysis, NetCents is now able to deliver near-real-time confirmation for 98 per cent of all bitcoin transactions.
About NetCents Technology Inc.
NetCents Technology, the transactional hub for all cryptocurrency payments, equips forward-thinking businesses with the technology to seamlessly integrate cryptocurrency processing into their payment model without taking on the risk or volatility of the crypto market. NetCents Technology is registered as a money services business (MSB) with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada), which ensures the company's consumers' security and privacy.
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