Faster Payments on the Blockchain: Case Studies and Solutions
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This document discusses faster payments on the blockchain. It begins with introductions and an overview of payments challenges. It then discusses why blockchain can help with faster payments through case studies. Several companies describe how using blockchain APIs from BlockCypher helped reduce costs, increase speeds and security for payments use cases like payroll, remittances, fraud prevention and identity management. The document concludes with contact information for next steps.
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Faster Payments on the Blockchain: Case Studies and Solutions
- 1. Faster Payments on the Blockchain Bart Cant Capgemini Karen Hsu BlockCypher
- 2. Agenda Introductions Payments Challenges Why Blockchain? Case Studies of Faster Payments on the Blockchain Next Steps
- 3. CRYPTIC
- 4. Blockchain Ecosystem Brokerage Exchange WalletsInsurance Compliance Payments Trading Platforms Trade Finance Capital Markets Money Services Finance Data Middleware and Infrastructure Customers
- 5. Customers
- 6. “The lack of a real-time, or faster-payment system puts U.S. businesses and consumers at a disadvantage” “Technology is rapidly changing many elements that support the payment process…This is changing the nature of commerce and end-user expectations for payment services.” June 6th , 2016 NACHA Government Relations: Faster Payments in the United States January 26th, 2015 Strategies for improving US Payment System
- 7. Payments Today • Mostly Batch Oriented • Geographically Siloed • Lack of interoperability • Centralized • Relatively Secure
- 8. A new reality… IOS 10 offers (Bitcoin) Payments directly integrated in iMessage eMarketer forecasting 210% growth in the total value of mobile payment transactions in 2016—up to $27.05 billion from $8.71 billion
- 9. • Desktops • Mobile devices • Servers • Watch • IOT • Device to Device • Customers • Employees • Governments • Things • Bank Platform • Cloud • Private Network • Public Ledger • Micro Payments • Smart Contracts • Multi-Signatures Any Device Any User Any Platform Any Service
- 10. Cryptographically Secure Decentralized Data & Smart Contract Immutable Ledger Blockchain is a distributed register to store static records and/or dynamic transaction data without central coordination by using a consensus-based mechanism to check the validity of transactions.
- 11. Reduce Cost Increase Revenue $ Reduce Risk Increase Speed and Customer Satisfaction $12B Estimate Savings on Clearing Costs (Goldman Sachs) $10B Global spend on AML compliance New Fee Revenue Stream connecting Smart Contracts to Payment Services “Capgemini Payment Around the World Experiment” ( 4 Cities / 1 Hour )
- 13. Case Studies
- 14. Company Challenges ● Legacy infrastructure ● Expensive, slow partner onboarding ● Fickle customer retention ● Lack of usable and scalable blockchain testing environment User Challenges ● Bank wires can take weeks, slow processing ● High transfer fees and exchange rates ● Currency fluctuations Faster, Lower Cost
- 15. Payments and Rewards Address API Transaction API I Merchant Customers Benefits ● $5.2M in fraud prevention ● $2.2M in salary savings ● 35% faster time to market ● Improved code maintenance Solution ● Faster, more secure and user- friendly digital payments ● BlockCypher Ethereum APIs used to process payments, fraud checks
- 16. Payroll Solution ● Bitwage provides platform for payroll and invoicing ● BlockCypher validates addresses, identifies transactions likely to confirm Benefits ● Faster time to market ● Payments within 2 days ● 30+% in cost savings due to automation ● Faster clearing and settlement Invoice Next Day Payment Address API Transaction API I
- 17. P2P Payments Solution ● Abra enables person to send payment to any mobile phone ● BlockCypher provides notifications (e.g. for payments) and test environment Benefits ● Users protected from market volatility ● Faster deposits ● ~30% development cost savings from using BlockCypher’s test environment and notifications Deposit $200 (XBT spot at 200) Send $200 (XBT spot at 160) Lender (XBT spot at 160) XBT down 20%, Abra holding 1.25 XBT BCY Webhooks
- 18. Company Challenges ● Anti-fraud catch up ● Lack of preventative, monitoring systems ● Need to identify intentional double spends ● High cost of fraud User Challenges ● New account fraud increased 113%, now 20% of all fraud ● 72% of loyalty program managers experiences issues related to fraud Secure
- 20. B2B Payments Solution ● Blinktrade provides platform for instant transactions on blockchain ● BlockCypher quickly identifies fraud and transactions likely to confirm Benefits ● Users receive credit to trade immediately ● Faster deposits ● 33% in cost savings due to automation ● Fraud identified ● Easier for Blinktrade to acquire partners Exchange Confidence Factor Double Spend Webhook Transaction API Deposit Credit
- 21. “There are only a handful of companies that provide [blockchain] services. BlockCypher is excellent. Their product is simpler to implement and works better than other services. We also think highly of the team. We will continue to need more services to interact with the Blockchain, and we’d much rather use BlockCypher’s services than build our own.“ - Wences Casares B2C Payments
- 22. United States Citizenship and Immigration Services. U.S. Customs and Border Protection. Federal Emergency Management Agency. U.S. Immigration and Customs Enforcement. Transportation Security Administration. United States Coast Guard. National Protection and Programs Directorate. United States Secret Service. Data Management and Analytics U.S. Department of Homeland Security
- 25. Identity Management Solution ● User manages identity (e.g. biometrics) on Shocard mobile app ● BlockCypher publishes identity to blockchain Benefits ● 6 months saved in ramp up time ● 35% costs saved in development ● Increased scalability and reliability ● Improved code maintenance Transaction API Authentication
- 26. Blockchain Client Architecture P e e r s Chain Pool Scripting Validation Store Wallet Addresses Crypto Miner Primitive APIs Wire Format ≈ Running Excel as database, Designed for Individual Users Bitcoin and Ethereum clients
- 27. Blockchain Architecture Built to Scale
- 28. From Local Node to Production The road to production...
- 29. B i t c o i n C u s t o m Performance at Scale ● Multiple blockchains on same infrastructure ● Multiple datacenters ● No single point of failure ● Secure & hardened servers ● Linear scaling ● Uptime 99.999+% Cloud-optimized, enterprise-grade blockchain infrastructure Blockchain-agnostic infrastructure E t h e r e u m
- 30. Contact Us Karen Hsu karen@blockcypher.com @karenhsumar Bart Cant bart.cant@capgemini.com @bartcant