A Blockchain Project that is Finally Solving the Issues that Payment Institutions Have Been Hiding for Years

When a buyer makes any type of financial transaction, they are interacting with a complex web of institutions, trusted 3rd parties, and payment gateways in order for their payment to be processed. It may seem like it takes a while for an ACH payment to be processed (3-5 days), but this is nothing compared to the 60-90 days that some businesses must wait in order to get their payments. Aside from the significant wait times of these transactions, these payments face exorbitant transaction fees, which can be upwards of 30% for application developers.

With all of these downsides, it’s a wonder why people still use these systems, and the reality is that 3rd party institutions have an effective monopoly on processing these payments. Only banks and specific payment processing companies like PayPal can deal with these transactions and as such, there’s limited competition leading to our problem: high fees and lengthy payment cycles.

The fees and the time requirement are a result of the complexities present in the status quo, which require large amounts of overhead and a variety of human forms and authentications. While these systems might have been the best alternative a decade ago, now we are equipped with better solutions through decentralized architectures.

Efficiency through Decentralization

Decentralization delegates the authority to authenticate transactions to the participants. This type of system gives power to the individual actors and creates an infrastructure that requires lower overhead as it grows. Decentralization presents a promising answer to these inefficiencies, however, there still remains an issue with integrating them into the centralized infrastructure we are surrounded with.

Solution

OPEN Platform is a blockchain-agnostic architecture built to put a decentralized form of payment processing in the hands of the applications and developers that need it the most. Unlike the other cryptocurrency payment methods that still rely on centralized payment gateways, OPEN utilizes a payment platform that is completely decentralized.

This provides a more efficient form of interaction, unique from the centralized payment gateways that the majority of other crypto-payment processors use.

The OPEN Solution utilizes a novel architecture that enables developers to set-up decentralized payment gateways for in-app purchases in minutes and takes advantage of the speed and efficiency of a decentralized system. With OPEN Platform, transaction fees are practically eliminated and liquidity is at the hands of the developer.

Targeting Application Developers

Compromised of a team of respected app developers and founders with millions of downloads under their belts, and through their experiences in mobile app development, the OPEN team has seen first hand the high transaction fees and long payment delays that plague the industry.

It is for this reason that the OPEN solution has been targeted for applications, but that is only the start of what this decentralized payment gateway system can do.

Looking to the future

To keep updated on the upcoming OPEN token sale and to discover what the team is up to, visit their website, take a peek at their blog, and chat with them on their Telegram channel!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.