Future Is Now – EPOS Management for Crypto
The virtual currency scene has been exploding over the last few years, and it appears only to be growing. As the birth of a new economic universe, crypto expands outwards, away from where it started on the dark web and into legitimate buying and selling services. EPOS systems have been slow to adjust to the sweeping nature of the digital currency, but that may be changing soon.
The Start of Crypto
The virtual currency started with Bitcoin, which continues to be the most popular form, back in 2009 when it was unleashed on the public. Initially ignored by major economic circles, the currency was swept up by young entrepreneurs with nothing to lose and, in hindsight, everything to gain. If you had invested £1000 in Bitcoin back in 2009, that investment would rake in a cool £36.7 million today (probably more as you’re reading this).
As Bitcoin rises in value and gets taken up by more and more companies and consumers hoping to buy and sell with it, it’s become increasingly apparent that new forms of EPOS are going to be required. A major benefit of dealing in crypto is that there is no transaction fee, meaning you get to keep more of the money you gain from selling your products.
Key Issues with Crypto EPOS
Dealing in cryptocurrency poses two key issues that need to be addressed before being truly taken up by modern business. The first is that it is an incredibly insecure form of payment compared to state-controlled currency. As all the crypto you have is stored in a digital wallet, rather than represented by a physical value (gold in most countries), it can be hacked by cybercriminals and the money stolen. The majority of crypto holders house their currency in a single digital wallet protected by a poor password.
The other major issue with crypto is the intense fluctuation in the value of the digital currency. Crypto is traded 24/7 every day of the year, causing a constant flux that needs to be adjusted constantly.
New Crypto EPOS Management
In the hope of managing both of these major issues NCR Corp, an American software development company, has recently come up with a system to tackle the issues related to crypto. You can read the full patent here.
The proposed method works like this:
- The cryptocurrency is requested for payment.
- The EPOS terminal identifies the purpose of the transaction.
- A transaction-specific digital wallet is obtained and is readied for the incoming payment.
- The currency is received and is housed in the transaction-specific wallet, thus completing the transaction.
Having a secure and unique space to secure the transaction is designed to help with the security of the transaction. In the wallet recycling process, the EPOS gathers the latest data on the current value of crypto to determine the item’s price.
Likely only the beginning in the management of cryptocurrencies but an important step in developing systems for buying and selling with digital money.
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