“We are excited to be leveraging the tremendous power of Blockchain technology to propagate trust among our customer banks. This technology eliminates barriers, giving banks the ability to easily and securely access their transaction data”
Quisk’s Chief Technology Officer, Praveen Amancherla, commenting on Quisk Blockchain
Blockchain, the decentralized public database of encrypted records that makes Bitcoin possible, is finally being embraced by none other than Quisk. The addition of Blockchain distributed ledgers will enhance Quisk’s data integrity.
Headquartered in Silicon Valley, Quisk, Inc., a provider of secure digitized cash payment network for banks and financial institutions around the world, will allow banks to access transaction details from their back-end operations. Here’s a quick primer on Blockchain’s potential as explained by the WEF (World Economic Forum).
This includes merchant settlement and core banking reconciliation. Banks that leverage the Quisk Blockchain can use their existing customer touchpoints to:
- Accept or distribute money
- Use Quisk on POS, online, SMS and mobile channels
So what is it about Blockchain that has Quisk so excited?
Quisk and Blockchain Technology – Remittances, micro-transactions and e-commerce
Quisk’s Chief Technology Officer, Praveen Amancherla, believes Quisk Blockchain will be the next big thing since Browsers, quote: “From here on, Blockchain will drive the Quisk Data APIs for our bank customers, supplementing Quisk’s Payment Services APIs. Quisk believes that Blockchain is the ’next Internet’ for the financial industry, and the tools to retrieve data from Blockchain will soon be as ubiquitous as web browsers.”
This is clearly obvious as the video suggests; a public and openly accessible database of transactions that is virtually hackerproof will make P2P Money transactions in the Financial Industry in real-time a reality, as noted by Praveen Amancherla, quote: “With this addition, Quisk transaction data becomes even more accessible to our customers”.
They even have an advantage over bitcoins, which already use Blockchain and is already being used in the Caribbean in the form of Caricoin as pointed out in Caricoin – mobile wallet built for Bitcoin targeting Caribbean nationals.
This makes Cross-border remittances a prime target for disruption by Blockchain technology.
Already, Mobile money platforms used by Quisk and other companies are accepted by financial institutions; adding Quisk Blockchain just makes it more secure and real-time enough for applications such as remittances, to quote Quisk CEO Steve Novak: “Most remittances involve multiple parties, and are slow and expensive. Blockchain provides a means by which we can streamline the process, thereby making these transactions faster and cheaper for the parties involved.”
More interestingly, it will make the use of micro-transactions i.e. regular day to day transactions, as well as trade via Jamaican entrepreneurs’ websites a reality as predicted in Quisk heralds e-commerce Micro-Transactions for Jamaican Entrepreneurs.
So in the very near future, Remittances, micro-transactions and e-commerce earnings may be coming straight to your Quick wallet on your cellphone thanks to Quisk Blockchain.
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