BYTOM, a Public blockchain protocol recently completed its first-ever instant, real-world payment.
First Instant Real World Payment
Blockchain Protocol BYTOM is focused on its dream of bridging the atomic world and the byte world, with the aim of supporting the interaction of multiple assets.
The Chinese-based blockchain project successfully conducted its first ever real-world payment on October 22nd, 2018, its technology has also reached Europe, with its adoption by the largest e-commerce platform in UK, SeaRates, as a Dedicated payment method and settlement tool.
SeaRates is unarguably the oldest resource dedicated to online logistics in England. The company has over 600,000 registered users, 250,000 shippers and 40,000 registered carriers.
Over 8,980,000 varied shipping rates are available to users on its site SeaRates.com and mobile apps, the shipping rates cuts across 200 countries and regions around the world.
In other to combat issues such as exchange rates fluctuations and exchange cost in US dollars, SeaRates finally opted to adopt BTM, so as to avoid complications in transactions.
SeaRate will also run transactions and check the operability and stability of smart contracts based on Bytom blockchain.
SeaRates explained that if users choose to make payment through cryptocurrency, they will have the opportunity to check their balance, trade history and other numerous benefits, and most importantly, the payment would be made within seconds.
Tests conducted to know the actual speed of crypto payment revealed that payment only takes 3 seconds to complete. Furthermore, the exchange rate of the BTM will be closely connected to the exchange rate of the US dollars, Japanese Yen or Euro.
Collaboration with banks in Malta and Switzerland will commence shortly, with the partnership geared towards setting up built-in exchanges for real-time crypto fiat exchange, which would effectively rule out any possible speculation operations.
Apart from BTM adoption, SeaRates said it is working round the clock with Bytom in terms of Smart contract. The company further said that the first ten transactions paid in BTM would have a 10% discount (no more than $10,000) in an effort to encourage crypto payment in shipping.
Efforts are ongoing, as payments are currently being made in BTM.
Adopting BTM payment will effectively avoid the exchange cost arising from the fluctuations in the exchange rate and with effective use and proper regulations, it might be an effective force for the growth of international trade in the future.
Learn more about BYTOM: http://bytom.io/
Read the BYTOM whitepaper: https://bytom.io/wp-content/themes/freddo/book/BytomWhitePaperV1.1_En.pdf
Read about BYTOM on twitter: http://twitter.com/Bytom_officialConnect
On Facebook: https://www.facebook.com/bytomofficial/
Chat on telegram: https://t.me/Bytominternational
Join on Discord: http://discordapp.com/invite/U3RsyR5
Name: Yi Ren