CryptoFuse Brings a New Evolution in Secure Offline Crypto Transactions
Technology is always evolving. And the technology used to provide security is not lagging behind. Blockchains have been praised for their superior security features compared to traditional systems. But they have also been known to have some vulnerability. The cryptocurrency world has a lot of volatility while scams and fraud have been quite common as well. Scientists and developers are however working hard to ensure more safety for user’s economic assets on the blockchain. There is a great challenge however when transactions are made over the internet. Thanks to CryptoFuse, the problem of internet transactions is no longer a challenge.
CryptoFuse was launched in June at the London Blockchain Expo and has since made great steps towards becoming the first company to develop a platform for offline transactions. The military grade technology allows for transactions with cryptocurrency and smart contracts without the need for an internet connection. Internet connectivity has been the biggest challenge for the many companies that have made attempts to offer payment solutions. The brick wall has been finding a way to ensure transactional integrity both before and after the connection is cut. CryptoFuse is offering a solution.
CryptoFuse uses a combination of proprietary hardware and software in combination with blockchain technology and mesh networking to facilitate integrity of transactions in face to face deals. The user only requires pairing their Smartphone with a special storage device in order to validate a transaction. For instance, participants could record the scene of their transaction and the record would be stored on the ledger once internet connectivity is back.
Impact of CryptoFuse on Business
This new technology reinforces the idea of blockchain as a secure platform for processing transactions. It also eases the process of tracking for supply chain and smart contract processing. The system has the capabilities for a wide range of use cases. CryptoFuse revenue is generated mainly from fees on offline transactions and the sale of the hardware used to record and store transaction data. The platform entered a USD 3.2 million partnership with Expercoin, a Harvard incubated protocol for the creation and growth of decentralized ecosystems, to develop the internet free platform for smart contacts and crypto transactions on the blockchain.