The blockchain technology is upon us and appears to be here to stay as it continues to attract innovative companies including the PlayPay, an online exchange system that is planning to release its digital token to better serve their customers.
PlayPay is planning to release digital token—play coin. With this its customers can use any currency to purchase the token and use playcoin to exchange different currency. Eventually, customers will be able to freely exchange their currency with playcoin. The entire exchange process will be supported by the smart contract, constructed by the professional computer programmer to eliminate safety issues.
PlayPay And The Blockchain Technology Revolution
Blockchain technology has quietly brought revolution to the banking industry and will shortly influence people's day to day transaction.
According to PlayPay, it values banks as their future business partners. PlayPay says it just want to provide the cheapest, safest and the most efficient service to its customers. So banks are not their competitors. On the contrary, they look to provide service to banks to build their own blockchain network and their system to save more money worldwide.
At present, in the international arena, blockchain commercial applications such as Ripple, R3, and other blockchain alliances all serve large banking institutions. Many banks, such as China Merchants Bank and Ping An Bank, have also joined these alliances.
PlayPay is currently negotiating with HSBC Japan and Standard Chartered PLC regarding potential cooperation opportunities in this area.
How PlayPay Is Changing The Game
To best serve their customer needs, PlayPay is planning to release digital token—play coin.
The customer can use any currency to purchase the token and use playcoin to exchange different currency. Eventually, customers will be able to freely exchange their currency with playcoin. The entire exchange process will be supported by the smart contract, constructed by the professional computer programmer to eliminate safety issues.
All transactions take place in PlayPay are backed by smart contract in the blockchain. A smart contract is a computerized transaction protocol that executes the terms of a contract. A blockchain-based smart contract is visible to all users of the blockchain.
PlayPay guarantees the safety of the transactions because all transactions are carried out on the blockchain, so regulators and agencies can check the status of transactions and the identity of both parties in real time.
Next Moves For PlayPay
According to PlayPay’s Head, Chiana Region, Nami Kuang, the company's goal is to provide the safest, cheapest and most efficient way for people to exchange their currency in real time.
It says it understands that there will be early adapter and laggard in the market. But that it will take time for people to get used to their service and see the advantages of this technology. Once they recognize the advantages, they will not switch back to banks. Nami said
Strong user base and customer retention rate demonstrate bright future for the company. By far PlayPay has more than 10,000 active customers worldwide and the service has 95% customer retention rate. Compared to the traditional centralized system, PlayPay uses decentralized data storage system and stored the data on multiple nodes, ensuring the privacy and safety of customer data.
When new technologies are introduced to the market, acceptance is a test. This is especially true in industries where finance is a high barrier and is more traditional. PlayPay is no stranger in these waters