Business Standard

Cryptocurrency, RPAY, hopes to reduce traditional transaction costs by upto 40%


ANI New Delhi [India]
Cryptocurrency is a digital currency that uses cryptographic encryption for safe transactions. The new age currency is safer as its transactions are recorded in an electronic ledger that is programmed and incorruptible, known as blockchain technology.
The most commonly known cryptocurrency is Bitcoin, but other forms like ethereum and RPAY are also available.
The blockchain is an efficient way of keeping track of the cryptocurrency in the market without maintaining a centralized database for the transactions.
The cryptography is used to maintain the secrecy of transactions.
These features make cryptocurrency ideal for the market but to use it a markerter has to gain a basic understanding of its concept and how to invest in it.
Due to high dependency on computer knowledge and volatile nature of its market, an in-depth understanding of blockchain technology is must before start trading in any cryptocurrencies.
Blockchain Technology -
The blockchain is a software application, which allows the information to be stored in the database but is restricted for any change or deletion with the help of cryptographic encryption.
This distributed ledger technology, employed by the blockchain, has become the preferred method of transaction accounting in the commercial market. In blockchain, the information is shared and frequently updated.
All the information blocks are connected to each other so that its content can easily be verified. The corruption of the data is ensured with the decentralized content. The durability proved that it is durable as it existed over 30 years. Since then the technology has developed in a better way. It exists in an environment where it checks at a fixed interval of ten minutes. It has data which is accessible to the public for access.
Blockchain and retail market -
Blockchain can help retail chains generate a trust bond between the customer and the transactional route, as it provides verification for each transaction and maintain a database for the transaction all over the network.
The digital identity is the authentication code for the verification of the user accessing the database. The other operations of the market like shipping and warranties of the products can also be ensured with the implementation of some of the blockchain technology in the retail market.
These features makes blockchain recommended mode of payment system in today's market. Applications like RPAY can help the bridge the gap between cryptocurrencies and retail. RPAY is a revolutionary approach to the retail that can ensure decentralized backend for the peer-to-peer transactions. This reduces the time consumption for the transaction with the reduction in the fees involved.
RPAY is developed with a long term goal of making cryptocurrency as the base currency for all transactions in the retail market. For the RPAY the cryptocurrency is R Token which estimates to reduce the overall transactional cost up to 40% of the traditional transactions.
This is ethereum based blockchain technology which enables the customers to make easy transactions and expansion of their businesses. RPAY is highly efficient for the e-commerce sector.
For retail market, it is estimated to help the companies in the development and ensuring huge profits. Several consumer services and payment services are embedded in the program of RPAY. Tracking is one of the significant features and provides a secure delivery of the product as well as transaction.
Being an application over blockchain, it is considered as safe, secure and permit transparent transactional platform for all kind of trades. Some trending applications of RPAY include smart contracts, tokens etc. which speed up the retailing of the product in the market.
Cryptocurrencies are ruling the market with their features and secure transactional platforms.
The base technology for the transactions ensures the safe and secure transaction with the complete documentation of each transaction.
RPAY is one of the latest trending cryptocurrency. It is estimated that the implementation of the cryptocurrency like RPAY in the retail and trade will help in growing the market at massive scale with the reduction in the transactional cost.

Disclaimer: No Business Standard Journalist was involved in creation of this content

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First Published: Jan 31 2018 | 7:45 PM IST

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