Cross-border remittances have been an issue that has been ongoing for many decades. From the payment networks instituted by real-world platforms like PayPal to those of the decentralized systems like Ripple (XRP), it has been seasons of problems for the global cross-border industry. Despite the efforts by both the centralized (real world) and the decentralized (blockchain-based) platforms, the difficulties of sending money across the borders don’t seem to have an end in sight.
Nevertheless, the Alchemy platform is there to cushion the effects of the excessive manipulations and high costs of operating global payment channels. We’d look into the operations of the platform to discover how it intends to foster full-scale decentralization in the payment networks around the world.
Large-Scale Commercial Applications
Contrary to the centralization of controls and the limited applications of payment networks, the Alchemy blockchain network took the notch higher by creating infrastructures for the broader use of blockchain and decentralized payment networks.
It achieves that via the large-scale commercial payment tools like the PUSHPAY and the PULLPAY payment networks. More so, these payment channels offer both the targeted and subscription payments, just as they offer multiple types of account systems.
It’s no news that the global cross-border payment industry is going through hard times because of the limited speed of facilitating transactions. The likes of PayPal, VISA, Western Union, and MasterCard tend to take more extended periods before they complete transactions.
Therefore, the proposition of the lightning network on the Alchemy decentralized payment network is a welcome development. In this instance, the platform delegates the dedicated lightning network to bolster the real-time remission and facilitation of payments via the existing electronic payments. That means other electronic payment processors can integrate the dedicated lightning network from Alchemy to achieve immediate sending and receipt of funds from around the world.
Reduction of Operating Costs
While the limited scalability of the conventional payment processing networks is in vogue, other challenges like the higher operating costs also rear up their ugly heads.
Not to worry because Alchemy got it covered. The network has taken massive strides to reduce operating costs using different avenues. Some of them are the use of credit scoring to determine the financial standings of the users, the clearing of transactions in good time, and the anti-fraud mechanism to reduce the chances of fraudulent transactions. Other media of lowering the operating costs are dispute arbitration and risk control as ways of improving the efficiency of the platform while reducing the costs of running it.
Alchemy has literally “trodden on the land that the angels are wary of” because of the support and channeling of resources to trigger the mainstream adoption of cryptocurrencies. These digital assets (cryptocurrencies) that have been looking for ways to gain real-world approvals are about to do so through the Alchemy network.
In this regard, the network created a series of platforms to achieve sustainable crypto adoption in reality. Some of the working infrastructures are the delegation of the network for multiple applications in the online community via API/Plugin/SDK, as well as via the seamless integration of the network with smart Point-of-Sale (PoS) machines/devices.
The world is about to enjoy another disruptive technology coming through the blockchain network. As an individual or a business that has been looking for a way to send payments in real-time and with fewer costs, it would do you a world of good to go through the Alchemy decentralized payment network where speed, low prices, and varieties of payment applications are at their best.
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