Fintech company QPAY has launched a major blockchain e-commerce initiative based on the ‘Ethereum’ blockchain platform in Qatar.
In partnership with Nexxo Network – USA, QPAY has unveiled QPAY-SECURE, a suite of blockchain-based Decentralised Applications (D’APPS) and Application Programming Interfaces (APIs), which are built form the ground-up based on the Ethereum Blockchain platform. The company has started its first test on the Ethereum Test Network and is preparing to officially launch in March.
“Blockchain technology enables banks and financial institutions to provide the highest security in payments processing with tamper-proof digital records, and facilitate complete and immutable records of fund transfers. Using blockchain in payments processing, banks can readily trace the entire sequence of Business to Business (B2B), Business to Consumer (B2C) and Consumer to Consumer (C2C) transaction fund transfers.
Highly secured, trusted, tamper-proof and trackable transactions are the main reasons why the financial services industry is rapidly exploring blockchain technology,” QPAY said.
“Implementing a blockchain-based payments platform is critical to our consumer and commercial clients. It is a clear signal from us that customer information is being handled securely and with trust,” said Nebil Ben Aissa , QPAY founder and CEO.
Naren Kannan, head (Disruptive Application Team) at Nexxo Network said, “We are partnering with QPAY and implementing blockchain technology in order to help build QPAY-SECURE; Qatar’s first blockchain-centric financial services platform. We are helping QPAY leverage Blockchain in order to offer a much more secured payment processing set of tools and features. The objective is to create an encrypted, digital ledger of secured financial transaction blocks, Distributed Apps (DAPPS) and APIs which can only be seen by authorised parties. Unauthorised parties, such as hackers, are denied access to such information and even if they got hold of the information, it is impossible for them to decrypt it. In fact, the costs involved to hack or decrypt blockchain information is astronomical. You need to invest billions to hack blockchain secured data.”
