Efficient POS Terminals Powered By The Blockchain technology
A system is always needed for proper operation of a task in an organization. The organization may start small but at some point, it always needs a proper and transparent system for smooth functioning. For today, people are sending money without even visiting a bank but at the same time, it was once impossible to even think about it. The advent of the internet has ushered a new era of payment and banking in the world. People adopted the digital technologies and became acquainted with the new world order.
The realization of the latest technologies in the banking system has helped to remove inefficiency and opaqueness. But, still, there are many challenges in the industry, which must be dealt with for the further transparency and growth in the banking sector. The lack of technology adoption, slow growth in rural banking, high transaction fees, centralized nature of operation and emergence of multiple third parties are a few of the many challenges in the banking system and payment industry.
Solution offered
KINEKT is presenting a solution for the payment industry by bringing world's first blockchain integrated touch terminal. Based on blockchain technology, they are allowing users to easily utilize the cryptocurrency applications. A point of sale which is designed for the everyone in the world is bringing low-cost payment solution to the world. The process of payment or loyalty can be selected by the users. The process starts with the fingerprint scan of the user, which is matched by the terminal.
It starts with the fingerprint then the customer enters the PIN, and the transaction is forwarded to the KINEKT Cloud by GSM connection as a "transaction request". The cloud platform developed by the KINEKT manages all the backend transactions, hosting participant's data and forwarding transaction requests initiated by the customers. It also provides a real-time connection between the customers and third-party service providers. The cloud platform is based on the hybrid blockchain to remove the latency issues.
KINEKT wallet is provided by the platform for the purpose of token storage. Merchants, third party service providers, Terminal manufacturers, terminal suppliers and blockchain developers are part of the platform.
ICO INFORMATION AND TEAM
250 Million KINEKT Tokens are created for the project in which 50% of the tokens are reserved for the public sale. The private sale is live on the platform until 31st July 2018. The pre-sale of tokens is currently live on the platform until 10th May 2018. The main ICO will start on the 2nd July 2018 and continue until 31st July 2018. The funds will be utilized for the development and marketing of the platform. The team consists of experienced professionals from different backgrounds.
Conclusion
Anybody such as banks and government organizations is bound by certain rules & regulations, which govern their nature of operation and day to day life. People working in the domain are aware of such peculiarities and they abide them. In the case of the payment network, which may be considered a small part of the banking system, is always evolving because of the changes in times and technology.
The payment through the digital device has become much simpler and easy to scale. Services offered by the platform will revolutionize the POS terminal payment industry based on the blockchain technology and Cloud. The banking industry will be the biggest beneficiary of the platform as they present future to the traditional world. What do you think about the future of the platform? Developing the world's most efficient POS terminal is the aim of the platform. Do you think that they will be successful in their mission?
Website: https://www.kinekt.technology/
Whitepaper: https://www.dropbox.com/s/hludc0snmjerxiz/kinekt%2C%20ico%20white%20paper.pdf?dl=0
Published By:Kishan748
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