NetCents Technology Inc (CSE:NC) said Thursday that it has introduced its Zero Confirmation and Risk Analysis technology which validates cryptocurrency transactions before they are confirmed on the blockchain.
The company will license the technology to cryptocurrency payment processors, retailers and other businesses that are looking to clear a transaction before it is confirmed on the blockchain.
There are currently over 287,000 blockchain transactions per day that this technology can be applied to, according to NetCents.
"As it is right now, there is a delay for all cryptocurrency transactions, opening a window for transactions to timeout, fraud, and double spending," said Clayton Moore, CEO of NetCents in a statement. "Being integrated with companies like Oracle and PAX, who alone has over 26 million terminals, the delay at the point of sale was something that we knew we needed to eliminate to instill confidence for retail merchants to begin accepting cryptocurrency and avoid transaction delays for the consumer."
The NetCents Zero Confirmation and Risk Analysis technology creates a pathway for near-instant commerce, guaranteeing the cryptocurrency transaction before it is confirmed by miners on the blockchain.
The transaction provides a score for each transaction, protecting it against fraud. If the transaction passes the NetCents scoring algorithm, the transaction is approved.
The platform enhancement cuts the wait time at point-of-sale transactions, which can take up to 30 minutes. With Zero Confirmation and Risk Analysis, NetCents can now deliver close to real-time confirmation for 98% of all Bitcoin transactions.
Headquartered in Vancouver, NetCents is an online payment processing platform as well as a transactional hub for cryptocurrency payments.
NetCents shares slipped 4.55% to finish at C$0.84 on Wednesday.
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