In wake of the coronavirus pandemic, now more than ever, consumers have flocked to ecommerce for their shopping and retail needs. In the last few weeks alone, use of e-commerce is up 25%, resulting in nearly non-existent brick and mortar sales. Upon online checkout, these millions of consumers complete their purchases by either entering in their personal credit card information, linking their PayPal accounts, using Apple Pay or even Amazon Pay. As a result of the meteoric evolution of financial technology, these days, the options of transacting currency online are infinite. The average person no longer uses only their credit card for purchases and sending and receiving money. Instead, many additionally utilize digital wallet services like Zelle, Venmo, CashApp, Pay Pal, etc. Amongst younger generations, blockchain based payment systems are becoming commonplace. One of the challenges preventing broad scale adoption of these new systems is wallet address complexity.
In the same way consumers who surf the web no longer remember IP addresses but rather domain names, Digital Names does just this for blockchain based wallet addresses. Offering organization and simplification to online transactions, Digital Names developed a solution that allows every individual to create their own “digital name” or “key,” as they call it, that can be used universally when transacting online, whether for online shopping, sending or receiving money. As blockchain based payment systems emerge, the ownership of a Digital Name will be as imperative as a domain name or email address for you or your business. In addition to using a Digital Name for blockchain based digital wallets, one’s Digital Name can be linked to other traditional wallet address at places like Venmo, Zelle, Cash App and more thus eliminating the need of sharing your specific user name on each disparate platform. By accessing the Digital Names Address Book, which serves as a directory for digital wallet addresses, consumers can look up their counterparty’s Digital Name and then view all the wallet addresses associated with that name and transact with confidence.
“A totally insecure Internet is being addressed globally by the movement toward blockchain: distributed security, a “layer-eight” new security architecture for the Internet,” said George Gilder, renown finance titan who’s been known for his prediction of the future of the dot.com boom, in an interview with Forbes. “A Blockstack to replace the increasingly perforated Internet stack. So, yes, I think that the foundations for an era of very rapid growth exist.”
In using one form of a digital wallet service like Digital Names, consumers are additionally afforded fortified security. Developed by digital securities innovators Thomas Carter and his company Deal Box, as well as with internet legend Frank Corsi, Digital Names not only offers a simple all-in-one solution for electronic transacting, but one that is secure and furthermore prevents identity theft.
And while the world faces this pandemic together, Digital Names breaks barriers in the fintech world as they provide a key solution that will remain largely relevant not only in a challenging time such as this, but in the future as well.
Friday, April 10, 2020