Blockchain technology is causing a paradigm in the fintech and payment processing arena. The desire for more efficient transactions and better audit trails is driving companies away from traditional payment processing methods towards innovation. One such example is FiiiPay.
FiiiPay, the brainchild and proprietary payment system of FiiiGroup, which is set to be the blockchain counterpart of payment giants like America’s PayPal and China’s Alipay — both of which are revolutionary ideas in their prime and reshaped traditional money transfers globally.
Blockchain technology — the backbone of cryptocurrencies — is shaking up businesses in big ways due to its wide application for financial processes. Blockchain is a distributed ledger of records without a centralized system, in which older parts of the record cannot be altered. Financial transactions can be carried out directly between people in the network, removing third parties and delays.
Moving past sluggish transaction speeds
However, the cryptocurrency market is currently plagued with a litany of delays. When cryptocurrencies were created, the intention was to bypass the centralized economic system and enable peer-to-peer exchange using the digital currency.
However, transaction confirmation time is usually slow and there is hardly a viable alternative for payment transfers. For example, Bitcoin block is propagated every 10 minutes. To get a 9-block confirmation, an estimated one and a half hours is needed.
Those at FiiiPay understand that there is no silver bullet to kill the problem of sluggish transaction speeds. They have devised a Hybrid Payment Network (HPN) that serves as a workaround, enabling any crypto payments to be made immediately.
It is a bold move to propose a centralized service in a world calling for decentralization, but by increasing the fault tolerance level, transactions will be made more leniently, and validation work can be reduced.
FiiiPay’s HPN employs risk mitigation strategies to make up for its vulnerabilities. Equipped with machine learning capabilities to review all crypto withdrawal requests, it can collect all the withdrawal timestamps, IP addresses, geolocations and more essential data. It can then analyze user behaviour to raise alerts to FiiiGroup’s team when an unusual activity is detected. This security measure is to protect FiiiPay users from risks of hackers.
FiiiPay’s architecture is a distributed system designed to support load balancing, which can easily be scaled by adding hardware to the network when the demand is getting higher. Currently, a single server can support up to 1500 transactions per second. By having multiple servers online, FiiiPay is ableto support thousands of transactions simultaneously.
Ready to try FiiiPay? The beta version can be downloaded from the links below:
Disclaimer: The content of this article is sponsored and does not represent the opinions of Finance Magnates