Ikenna Uwakwe has been a writer since he could hold a pen. Having a lot of literary works in his portfolio including Poems, Articles and Essays. He enjoys a natural likeness for anything related to technology. His Educational background includes computer science and programming. As a seasoned cryptocurrency enthusiast with a professional writing career path of over two years of blogging for blockchain related companies. Working with various Fintech startups in the past, has aided him to better understand what IT proponents as well as financial Investors look out for.
Two blockchain startups partnered up to enable Amazon consumers use Ethereum for payments. For this to come true, CLIC Technology is collaborating with Opporty for an app-like browser extension.
In view of the recent partnership agreement between the crypto payment processing firm – CLIC Technology and its blockchain infrastructure & Business-to-Business (B-2-B) pair – Opporty, it was recently announced that both projects are working on a blockchain dApps ‘browser extension’. This will allow Amazon customers to use Ethereum (ETH) as payment method.
By means of this decentralized payment browser app mechanism integrated into the web features of modern browsers, Amazon can seamlessly initiate crypto-based transactions. Conventionally all platforms built upon the underlying Ethereum Blockchain infrastructural ships in with a throughput of 20 transactions per second. Nonetheless, this is inefficient as Amazon entails a wide clientele across the globe hence it processes an excess of 300 transactions per second.
The Opporty Blockchain solution, on the other hand, ushers in the Plasma Cash prototype. This prototype in semblances to the ‘Bitcoin lightening Network’ introduces the DPoS (Dedicated Proof-Of-Stake) Consensus and PBFT (Practical Byzantine Fault Tolerance) Algorithm that would scale up the throughput to 25,000 transactions to be processed per second.
According to experts from MeticulousResearch, the e-commerce market is estimated to amass a total of $24.3 trillion USD by 2025. Although, Amazon does not natively accept crypto payments, through the crypto-payment gateway system accompanied by the CLICPay platform, and Opporty, the number one online shop with an annual turnover of $135 billion USD recorded in 2018 would be at the forefront of revolutionizing the world of online shopping.
Amazon consumers would now be able to use cryptocurrency to make routine purchases online which would in-turn enable merchants to accept crypto payments and receive immediate settlements in traditional fiat currencies.
The CEO of CLIC Technology – Roman Bond, is bullish about this business agreement as he states:
“We’re excited to be working on this project with Opporty, and to move forward on a number of other ambitious projects with them as well.”
He further highlights saying:
“Bringing cryptocurrency to the e-commerce marketplace is the merging of two next-generation industries.”
Together with Opporty’s Plasma Cash, CLIC Technology systematically extends the scope of Amazon’s payment system, reducing the loads on the system while significantly increasing the throughput, speed, and latency of transactions.
When this partnership eventually comes to fruition, the collaboration would give rise to greater opportunities for consumers to enjoy the advantages of cryptocurrencies in the e-commerce market, fostering a remittance system much faster than traditional payment processors like Mastercard, Visa or PayPal.