Integrations vs The Development of Blockchain Software
August 21, 2017 by Mizzymax
For a merchant to accept Dash or any other crypto in general, they need to jump through a ton of hoops to receive a platform that in the end has a 10 minute exchange time between the customer and the retailer and has no other benefits than to allow businesses to say "We accept crypto". The big question is, how can we solve this problem? One solution to the problem that I have been seeing is integrations of our technology into current systems. I'm sorry to say that integrations will just not work and will limit the full power and potential of blockchain capabilities.
"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution." -- Satoshi Nakamoto, Founder of Bitcoin
This is the first sentence of the Bitcoin white paper, and this statement reflects the vision of blockchain technology. Blockchain technology allows for transactions to be sent freely without any intermediary needed. In a true trustless blockchain-run economy, there is no need for services like Visa or Mastercard POS systems to process payments for us, charging 3-5% per transaction to the merchant. Building up infrastructure on these current systems will just be a waste of time if you can understand that the whole point of blockchain technology is to cut out all intermediators/middle men such as banks, payment processors, data centers, and much, much more.
The true ability of blockchain technology goes much further than just simply being used as a payment mechanism. Creating a POS system meant to run on a blockchain allows for the creation of disruptive technologies that can change how businesses work and operate. A fully operational blockchain POS system has many benefits that current systems can't provide.
Blockchain technology could be used to save a ton of money on the backend of businesses as well, with tracking orders and inventory shipments and cutting out/limiting the need for accountants and inventory managers. On the customer side, consumers can keep an electronic receipt/warranty in their digital wallet. A paper 3-year warranty for a blender you bought that cost $30 (I personally was offered this exact warranty once) is going to be lost and not even worth digging up to redeem if the blender breaks. When making a large purchase of $1000+, I treat that small little paper receipt like it's gold, but if that data were stored on the blockchain, my worries about losing the receipt or a warranty would completely disappear. This process is much easier for restaurants to use as well. Just scan a QR code, accept the payment and walk out. Payments are sent directly from the consumer to the business owner without needing to go through the long process that current POS systems require (average 5-10 minute wait to completely process a table's checks). How can all of this be possible? When a customer pays for their order using crypto-currency, that information is all stored to the blockchain. The software created will just need to pair the order to the transaction. This allows for each transaction to store a data type to it, and that alone is the type of technology that will disrupt and outweigh the capabilities of current POS systems.
The simple fact of the matter is, we are here because we love blockchain technology and see all of its capabilities. Integrating any type of service into the current system that isn't built for what blockchain technology offers slows us down, is not useful, and will become obsolete in the long run. A blockchain-centric company will thrive by running its services fully on the blockchain. I fully encourage all open source truly peer-to-peer transaction systems to be created for Dash and discourage all privately owned POS system integrations to be funded/created.
Voting Deadline: 10 days
Payment date: Nov 2, 2017
Approved: 18 of 29