Revolutionizing Consumer Payments: How Overstock, Coinbase, Square, and Fitbit Embrace Blockchain Technology

Introduction

Blockchain Technology is well-known and far-reaching in the financial sector. Many projects, institutions and organizations are adopting and developing the Blockchain Technology for e-services. Perhaps one of the major adopters of Blockchain Technology is Overstock.com, one of the world's largest online retailers and marketplaces for retail goods. In 2014, Overstock successfully rolled out its blockchain-based payment system known as Medici.

Overstock uses blockchain technology to capture a series of files, such as invoices, receipts, statements, warranties, warrantees and any other document, information or document that could be brought about by the process of selling or purchasing a product. Blockchain technology creates a transparent, distributed ledger that only allows for the transaction of authorized, valid transactions. This ensures a verifiable and secure transfer of goods or transactions that cannot be altered once recorded on the blockchain. This provides the product purchasers with a more advantageous way to compare prices and get the product that they want. Moreover, this allows the customer to feel confident in the authenticity of the product. However, some do not like this form of payment as it introduces a level of vulnerability to the transactions and the customer's trust. However, there are some companies who are more than willing to adopt Blockchain Technology for their business needs. Overstock has plans to revolutionize the consumer payment industry by enabling merchants to accept payment using the Blockchain Technology. This will be the first time a major retailer adopts Blockchain Technology as it relates to consumer payments. This development could bring a whole new dimension to the consumer payment industry. From paying your cell phone bill to shopping online, companies could bring real competition to this market.

Coinbase was created with the intention of creating an easily accessible platform that would give the average investor and those in the business a chance to buy and sell bitcoin and other digital currencies through the blockchain. Coinbase is the world's largest digital currency exchange, with over 14 million customers, thousands of employees and over 1 million customers on the platform each day. Coinbase offers an intuitive user experience, mobile app, third-party banking support, and merchant services. The Blockchain Technology offered by Coinbase will allow cryptocurrency to be accepted as a payment method for merchants and businesses in the United States, the UK, Canada and Ireland.

Square is well-known as one of the most innovative companies in the payments market. Square is one of the few platforms that offers credit card processing services. Square is also a payment processor that accepts credit cards and allows for transactions for debit cards. Square's payments platform allows for different features such as check payments, card, debit card and electronic funds transfers. Moreover, Square offers payments services for the quick and convenient purchase of gift cards for online businesses. Moreover, Square is also a payment processor of Apple Pay, Android Pay and PayPal.

Fitbit is the second most popular wearable device manufacturer in the world. The wearable device is made for those who want to keep fit and have an accurate way of tracking their physical activities. Unlike fitness trackers that provide only information and metrics of physical activities, Fitbit is designed to provide more information and metrics. This means that it can provide the user with information such as walking and running speed, number of steps taken, steps taken per hour and distance traveled in one day. Besides these metrics, Fitbit is able to provide information that is related to certain activities, such as swimming, cycling, basketball and running. Unlike other fitness trackers, Fitbit can also give notifications that can help the user stay on top of their exercise routine.

Conclusion

Blockchain Technology has many advantages, but one of the most important is its secure data exchange. Blockchain Technology is much more secure than the conventional online payment system. As for security, the core of this system is the Blockchain. Blockchain Technology is a decentralized and public ledger, which ensures the veracity of the transactions.

It is safe to say that there are quite a few different solutions to make transactions simpler. But for now, it is important to remember that the users and businesses must be willing to embrace the new technology. Therefore, the payment method needs to be innovative, quick and secure. Even with this process, the technology will provide users with additional options to help them stay on top of their finances.