The block chain technology will address security and fraud issues in South Africa


nnnThe report of the well-known technology company Sage on the payment pattern of South Africa shows that Bitcoin and the chain of chains are expected to be favored by the local people by virtue of their fast and safe characteristics and become a new payment method. The report also emphasizes that this new technology will provide an effective solution to the security and fraud problems that people are experiencing in the future.n
nnTranslated by: Inan
nAccounting, payroll and payment systems expert Sage said South African consumers are eager to adopt new payment technology, which means that Bitcoin and block chains may soon be of concern to some early adopters in South Africa.n
nHowever, nevertheless, it is seldom to consider how these technologies will affect their businesses or banks.n
n”Sage Payments Landscape Report” (Sage Payments Landscape Report) research shows that South African consumers attach great importance to the use of safe, advanced payment methods of the enterprise.n
nThe study found that fast and secure payment methods such as PayPal and in-app payments are most likely to make consumers feel that a business is modern and advanced.n
nAbout 96% of South African consumers believe that it is important for companies to offer multiple payment options.n
nCharles Pittaway, general manager of Sage Pay’s Sage Pay, said, for example, mobile payment solutions such as digital wallet are proliferating because South Africans are looking for a safer and more convenient way to pay for it.n
nThis raises the question of how to change the pattern of payment in South Africa by comparing the bitcores (digital currency) and the block chain (technology that supports Bitcoin).n
nPittaway said that the use of Bitcoin has been slow in the world, partly because the user thinks it is more complex, and it has not yet been widely supported by financial institutions.n
nHe said:n
nn”The block chain allows people to see how the future money will be transferred and how the deal will become safer, more transparent and accountable.”n
nnBanks, insurance companies and other global companies are exploring opportunities for the way in which chain chains will trade for global economic operations and business records.n
nSage said, in essence, the block chain is a global public book, there will be no tamper with the central database. It is an unbreakable permanent record, creating a series of financial DNA. Transaction-related information is stored on multiple computers, which makes it impossible for the hacker to invade it theoretically.n
nPittaway said,n
nn”While it is far from being mainstream, the technology of the block chain will provide a convincing solution to the security and fraud problems we encounter.”n
nnHe said:n
nn”In the era of digital inventions, business builders must use the best technology to rebuild the payment process, and the use of a credible, convenient and secure payment mechanism will be a winner in the digital economy.”n

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