Rediscovering the blockchain technology-Alchmey

The payment industry has deviated from the consensus-based mechanism since the development of the electronic payment ecosystem. It has become a centralized giant increasing the cost of transactions. To protect the interest of these large industries, they imposed different burdensome rules and mechanisms, making the payment mechanism troublesome. It has resulted in low proficiency in the payment mechanism with high risk and cost, and there are lower payment innovations. In this 21st century, there has been an emergence of a new technology, blockchain, which has resulted in the advent of different cryptocurrencies in the ecosystem. Depending on this technology, the future impact of the cryptocurrencies in the economy is immeasurable, and it is estimated that the compound annual growth rate will be 31%.

The Alchemy , which is the shortened form of the company name Alchemy Global Payment Solutions Ltd., is going to be the leading payment solution introducing cryptocurrency in their payment solution. The aim of the Alchemy project is to build an open-source and secure platform for the partners of the ecosystem with a quick, convenient, and secured payment solution. This project will achieve their goal through using decentralized, smart contract agreement, and consensus-based mechanism utilizing the blockchain technology. The consensus-based mechanism in the blockchain will ensure that all protocols are maintained in synchronization of each other and agree on the legit transactions and adding them to the blockchain, making it secured.

Rediscovering the Blockchain technology in payment mechanism-The Alchemy:
There are some very common deficiencies in the existing blockchain payment platform technology, which vary from their basic payment mechanism to operational support and the infrastructure of the blockchain technology.

Basic function deficiency: in the case of major and large scale payments of the commercial enterprises, the existing blockchain has some lacking. In the real-business scenario, the payment for such can only be processed when the user of service or good initiates the payment. So there is only push pay mode of payment supported in the existing blockchain technology. In the other case, sometimes a complex payment mechanism is needed. When there is the need for multi-level account transactions, unlike the individual accounts, there is a need for collecting funds from the sub-accounts to the total account as well as there are tow ways of revenue and expenses to be supported. This complex payment mechanism is not supported by the present blockchain technology. The existing one only supports for the general users. So, the traditional one cannot meet the need of the business enterprises in making a complex payment system. The Alchemy Project will have both pull pay and push pay mechanism to make payment both in online and offline businesses through cryptocurrencies from the crypto wallet.

Operational support system: in most cases, the existing blockchain focuses mainly on the technical features a rarely go outside of the box and also think about the operational side of the technology. And this is why; the present blockchain technology only can support the common users, not the commercial enterprise. The operational support system of blockchain technology will allow the payment mechanism to support low cost, efficient, and expansion of the payment platform. So along with the research and development, a good operational support system is much needed for expansion. The Alchemy project pays attention to building a sound operational system to flourish and meet the need of the complex payment system of commercial enterprises. This will become a very important basis of innovation for the project, along with other necessary support to the payment platform.

Infrastructure issues: there are many deficiencies in the existing blockchain technology that includes issues related to international payments, performances of transactions, cross-chain payment, and support to accounts. The Alchemy aims to provide a comprehensive system of cryptocurrencies that will help to make payments anywhere offline or online and cross-chain transactions effortless.

The Alchemy aims to remove all the shortcomings of the existing payment system of the industry along with the shortcomings from the payment mechanism using the blockchain technology. They will build a hybrid payment mechanism covering large actors of the payment ecosystem and also aims to mitigate risk along with proper integration with the current system. With the rise of cryptocurrencies in the modern era, the Alchemy projects to become the pioneer payment industry that will be inclusive of different cryptocurrencies.