The blockchain industry is rapidly maturing, and has now spawned a number of highly effective, highly specialized platforms that are disrupting a range of different industries. We’ve recently seen a number of high profile investment platforms enter the NASDAQ, such as Riot Blockchain, who have recently acquired a large interest in Tesspay.
The Tesspay platform is a transaction escrow settlement service that is focused on the telecommunications industry, and is designed solely to streamline and decentralize payments between wholesale telecom carriers.
Tesspay intends to address many of the problems that are present in the current wholesale telecommunications supply chain payment paradigm. The wholesale telecom industry is a high volume low margin industry, which can cause credit losses to seriously damage the cash flow of smaller carriers.
Most of the transactions that occur in the wholesale telecommunications industry are international in nature, which can make financial risk assessment time consuming and complex. Inability to pay and fraud are, unfortunately, common issues in this environment, and as the nature of the industry involves chains of intermediary organizations, credit issues can have far-reaching damaging effects.
This international payment ecosystem also makes legal remedies for non-remittance expensive, cumbersome, and time-consuming, and makes the recovery process arduous and devoid of assurance that it will even be successful.
What is Tesspay?
Tesspay is a blockchain-based escrow service, and is one of the only solutions that is able to definitively guarantee payment in full, on time, between large telecommunications organizations. The Tess platform uses smart contracts between carriers that are represented programmatically.
Importantly, the smart contracts created by Tesspay are immutable, and are facilitated by the transfer of TESS USD Minute tokens. Tess also creates TESS tokens, which allow holders to participate in the maintenance and support of the Tesspay blockchain network.
The advantages offered by the Tesspay platform are obvious. The Tesspay platform facilitates payments that are completely free from the fees associated with traditional payment systems, and are free from the cost of insurance and other factors that increase transfer costs in the current payment paradigm.
Invoices are generated automatically on the Tesspay ecosystem as part of smart contract parameters. One of the major advantages offered by Tesspay is the instantaneous nature of payment transfers- instead of waiting days or even weeks, payments are fully complete in just minutes, regardless of geographic location.
The Tesspay platform is also highly secure, and logs all transactions on a semi-transparent blockchain that can be viewed by participating telecommunications organizations.
Ultimately, the Tesspay platform is an obvious and highly necessary implementation of blockchain technology in the whole telecommunications provider ecosystem. If you’re interested in reading more about the Tesspay solution, the platform offers a comprehensive white paper on the Tesspay website.