Here’s How Bitcoin’s Building ‘Blocks’ Could Reshape Payment Processes

There’s considerable confusion surrounding “cryptocurrency” and for good reason – few of us are using digital Bitcoins and even less know what it is. Even though a single Bitcoin was valued at just shy of $20,000 in late 2017, its practical usage has yet to see mainstream application despite the fact that it can “be used to buy or sell items from people and companies that accept bitcoin as payment,” according to The Independent. It’s no surprise then that the technology that makes cryptocurrency possible, such as blockchain processes, have an even thicker fog of confusion surrounding them.

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However, Systems America, Inc. President Adesh Tyagi says that there’s nothing nefarious shrouded in that fog and his company, among others, will be able to modernize antiquated financial processes with innovative applications of such technology.

“Were talking about taking currency in South Africa and converting it from sitting in a bank to electronically being picked up through an automated clearing house (ACH) process,” Tyagi, whose company provides cloud computer and software-as-a-service offerings, said of blockchain-driven bank transfers. “Instead of going through a regular bank, this can happen in minutes.”

Tyagi says the technology that makes cryptocurrency exchanges possible has more practical implications:

  • The blockchain ledger is what puts the “crypto” in the currency. Despite widespread and unrestricted access, its constant expansion lends it an utmost level of encryption. By taking this secure string of data and using it as a way to expedite international money transfers, Tyagi says days-long delays will be eliminated.
  • “An ACH takes a day. An international wire takes three days. These things should take minutes,” says Tyagi. The payment app Zelle can complete a user-to-user financial transfer in minutes. “I can transfer money to your account as long as I have your username,” Tyagi says of Zelle and that’s attributable to immediate transfer and de-coding of secure information.
  • Systems America helps clients improve their internal unseen infrastructure. Should they wish to address payment processes, Tyagi says the foundation of information that’s driving Bitcoin processes can be used to eliminate overlap and save clients money as a result.

Tyagi’s career includes work in merchant and investment banking as well as analytics and mobility solutions. It’s at this intersection that modernized payment processing will take hold. Tyagi will be traveling to Israel this October as a VIP speaker at a conference with international CEOs on the invite list. To arrange an interview with Tyagi to discuss new uses of blockchain technology, please contact Greg Adomaitis at [email protected].

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