System Integration

Cryptocurrencies have existed for quite a while now, and they have had times of upturns and downturns, but still, they have managed to have an unbeaten run due to its widespread acceptability. Digital assets such as Bitcoin and Ethereum are now being used as alternative currencies to purchase goods and services. Although there are still a few problems leading to the full adoption of crypto as a means of exchange of value, there are procedures been put into place to solve those issues, amongst which are long transaction time and cost to price stability. Most of these obstacles have now led to the integration of cryptocurrency payment infrastructure into tons of mobile devices, desktops, computers and tablets.

In the commerce industry full of online stop shops and malls, there were concerns raised over the fact that user cart abandonment was on the increasing high as people began the shopping process. Still, over 46.1% of potential buyers on these platforms abandon carts and prospective orders at the payment stage. This was according to an online survey on shopping cart abandonment as the behavior kept increasing occurring mostly from users of mobile and desktop platforms. In the advent of this, a World Wide Web Consortium was created to make the process of payments more comfortable, faster and more secure on the web. This will lead to better interoperability between buyer and seller and offer an improved checkout experience for online shop users, with particular reference to the users on mobile devices. The W3C provided standards that provided better automation and user experience. It hoped to simplify web payment infrastructure working majorly with the best-renowned browsers namely (Safari, Edge, Firefox, Chrome) and their front-end developers’ team to add value to the digital payment request schemes amongst also, streamlining payment flow which in due time is expected to reduce the percentage of shopping cart abandonment significantly. "

The inclusions of blockchain technology into web payments are a significant step in the adoption of digital assets as a medium of transacting business. As actual cryptocurrencies can now be used to pay for goods and services directly from an online store using the payment handler API. Also, it is the foremost integration that allows for merchant transaction reporting tools to track down sales. The payment procedure gives access to users to go through simple small steps during the checkout process and pay online effectively using a choice of crypto options supported by the platform administrator. Asides the first time, where it is necessary to enter your biodata as requested by the site, the payment API saves your information on the browser to allow for secure payments.

Also, with the integration of crypto into the online shopping space, a merchant payment reporting dashboard has been developed to keep track of payment status. The MPRD provides data that relates to sales transactions that were done through crypto, as well as the outstanding account balances. This was developed using an inter blockchain augmented node technology, which keeps track of multiple events on the blockchain.

In late 2017, there was an introduction of the Amazon Coin, which was in collaboration between Amazon and an existing crypto platform called Stellar. It is an Amazon cryptocurrency that was aimed at changing the face of the world’s largest online retailer. It was referred to as Amazon Cryptocurrencies now. There was a lot of speculation as regards Amazon entering the foray of the cryptocurrency market as they began to accept coins as a means of payment on their platform. When it comes to innovative solutions, Amazon is not a stranger given they were recently valued at over a trillion dollars, so the influx of blockchain is focused on allowing users to pay for goods and services using the distributed ledger technology, which results in to supply chain optimization. Distributed ledger technology acts as a driving force for the supply chain industry as well as creating decentralized digital currencies for order recording, fulfillment and tracking. By implementing a blockchain-based supply chain system, the Amazon brand would gain more popularity, and this would increase its reputation and improves its overall supply chain efficiency and effectiveness. A well-implemented Amazon crypto allows online shoppers to buy products at a regularized international rate and terminates any air of confusion and well as the volatility of the near money currency.

Joining the growing list of companies that incorporate blockchain technology is the social media giant, Facebook. Facebook is in the process of establishing a stable coin cryptocurrency. They are using the current wave of untapped digital payment platforms to establish a broader industry of cryptocurrency as the digital asset is better to the traditional means of paying for goods and services. Technology is getting to a peak of validation. If cryptocurrency continues to gain a foothold in mainstream big corporations, the more direct investment will be available to the participants in the blockchain industry. Given the recent integration of blockchain technology in various industries and systems, the recent adoption of crypto payment in the health industry seems a good move given their continuous patronage. This might come as a surprise also, but there is still plenty of work to be done. This would allow for the use of tokens and coin currencies to the medical industry.