Blockchain's Limitations in Large Scale Electronic Payment Scenarios… The Alchemy Solution
It’s very obvious that new and savvy tech innovations spreads and booms so quick like an uncontrollable wild fire. If any tech innovation that bears no attribute in spreading so quick like a wild fire, then know that the particular tech innovation is yet to make breakthrough in its applications. The blockchain technology is really a typical example of a tech innovation with the same qualities of a wild fire in terms of how it has become popular in almost all spheres of life in less than a decade of its advent. The blockchain technology is popularly known for its decentralized and trustless mode of operation in any field of its application. This technology as earlier stated is applied in almost all industries of the world to run man's daily activities. The financial industry isn’t left out in the wind of the blockchain technology which continues to blow across all sectors of life. Blockchain technology has evolved a peer-to-peer digital payment system where one can make payment to another person without using any centralized third party electronic payment channel. This mode of payment encourages trustless transaction, lesser transaction fees and allows the parties involved in the payment process to take control of the whole process. However, using blockchain mode of payment in executing electronic payment in high commercial level is greatly flawed. Blockchain electronic mode of payment mainly supports payments to personal accounts and does not support payments to accounts like hierachy, escrow and joint accounts which are used in high scale commercial transactions. Also, smart contracts which can be used to automate electronic payments are still out of the reach of non-tech savvy folks because of the high programming skills needed in the building and running of smart contracts.
Alchemy, the Game Changer
Alchemy is a research and development centered organization which aims to utilize the opportunities inherent in the blockchain tech to develop an open source platform, which shall aide stakeholders in the electronic payment system world to develop blockchain based and decentralized electronic payment systems that will be more scalable, flexible and be deployed in large commercial scale in solving the present day business requirements that is needed when making digital payments in the process of running these modern day businesses.
In order to achieve this feat of mass penetration of blockchain based payment in the modern day business, Alchemy platform has designed its system to be flexible so as to adapt to the changing structure account requirements of these modern day businesses. As earlier stated, contemporary blockchain based payment systems do not support payments to accounts such as joint, hierachy, escrow etc accounts. These type of complex account entities are normally the type of accounts used in modern day businesses. Hence Alchemy has deemed it feat to make its blockchain based payment solution to accommodate payments involving these complex account systems stated above. This will greatly help in the popularization of the blockchain tech among businesses as well as other concerned individuals.
Smart contracts is one of the top notch provisions of the blockchain technology which allows contracts to self-execute on themselves without any form of paper work or third parties. Alchemy in this regard has developed smart contract templates which will help little or no skilled programmers/users to create their own smart contracts. The purpose of these smart contracts is mainly to help to automate the digital payment process which will help in great deal to further boost the trustless transaction process and efficiency in the blockchain based digital payment system. With Alchemy's smart contact based electronic payment solution, more stakeholders in the electronic payment circle will now be willing to adopt this payment solution by Alchemy to develop their own fintech payment systems which will be fully automated.
Examples of payment scenario using Alchemy
Alchemy Token
The token of the Alchemy ecosystem is known as the ACH token, this token is required to be held by any participant of the Alchemy platform who wishes to earn income distribution from Alchemy system.
For more information please visit these links
Website:
https://www.achpay.org/alchemy_english.html
Whitepaper
https://www.achpay.org/static/files/V3.8_WP-E_Alchemy_20190906.pdf
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