Recent studies indicate that the total amount of digital payments may inch closer to $4,934,741 by the end of 2020. As technology continues evolving, more payment solutions come up as well.
In the end, users globally join the systems hence accelerating the payment volumes to spike. Nowadays, people prefer operating with digital payments rather than handling physical money.
Digital funds carry more efficiencies as they are way safer and convenient, which is why Apollo Fintech plans to introduce Knox World Pay, a modernized financial system, pushing for mass adoption of digital payments worldwide. Further, utilizing Apollo’s blockchain technology will bring bonus benefits for Knox users.
Overview of Apollo Blockchain Technology
Distributed Ledger Technologies are applicable in various sectors, including health, supply chain, businesses, and many more. In finance, blockchain technology can be defined as a public recording of every successful transaction.. It is a brilliant financial innovation that is managed by the crypto community
Ideally, blockchains comprise some significant components like blocks and nodes that ensure a virtual currency’s practical functionality. Blocks, for instance, are responsible for storing data associated with any payment made. It is difficult to manipulate with the transactional data contained in the block since each of them has a unique tag that distinguishes it, commonly known as a hash.
Nodes, on the other hand, are replicas of blockchains ledgers accessible on a computer device. Nodes uphold the integrity of the blockchain network, and the most exciting part is that anyone can develop their copy of a particular digital currency’s transaction history. The Apollo blockchain is no different from the explanation above, as most of the functionalities are similar.
Apollo blockchain offers various services that include handling tokens and digital currencies, providing market evaluations, and designing other blockchain developments. Below we evaluate what this blockchain technology has in store for Knox World Pay System.
What Relationship Does Apollo Blockchain Share with Knox World Pay?
Besides having a broader understanding of Apollo blockchain, you will get to experience what the feature-rich advancement will do for Knox World Pay. In simple terms, Knox World Pay poses as the first blockchain-based financial system.
As part of their main accomplishment plans, Knox seeks to attain digital currencies’ global mass adoption. So how does the new financial system plan to integrate with Apollo blockchain?
We all need to make payments in our everyday life; however, it takes time to transfer funds, especially sending across the border. Knox World Pay mitigates this problem by providing fast transaction processing within seconds courtesy of the Apollo Blockchain.
Moreover, it is understandable that not everyone can afford a computer or smart mobile device to make digital payments. Knox eliminates that barrier because users will be able to transact through a simple mobile SMS. Therefore, Apollo blockchain catalyzes the transaction speeds on Knox World Pay. More offline options available on Knox include blockchain-backed bills, QR codes, among others.
No one would wish to trade in an ecosystem with lower transparency levels. It destroys the system’s reputation, and eventually, users flee to alternative platforms. Nonetheless, establishing Knox World Pay on the Apollo blockchain levels up the transparency levels since all remittance data is available on the public ledger. Hence, it safeguards Knox users from anyone with manipulative intentions.
At Knox World Pay, the network of agents located in different regions provide financial services to its clients. After welcoming users to the ecosystem, they can deposit some funds on their accounts through the agent’s assistance. Nonetheless, it gets to a point where users question the payment system’s security as they don’t want to risk anything.
Most systems today don’t pay attention to security issues raised by users. At the end of the day, cyber-criminals gain access to your funds and get away with it, leading to massive losses. Knox World Pay maintains a user’s security on their digital assets with the help of Apollo blockchain.
Whether it’s depositing funds through agents, sending or receiving funds from friends, families, or colleagues, Knox users are safe from any attack on their funds. To add more security features, it guarantees an anonymous environment when transacting to protect users’ identity.
Database glitches are a common occurrence in every system as long as it is automated. It causes lots of delays on the user’s end, causing frustrations and incomplete operations. The scenario is different on Knox World Pay, considering Apollo blockchain makes use of the sharding protocol. Maintaining the whole system can be costly because the equipment needed is quite expensive to sustain the database.
Sharding protocol can divide the database into smaller parts called shards. That way, even if the fragments are independent of other shards, it gets easy to manage the rising traffic on the database. For Knox World Pay, downtime cases will ultimately be low thanks to the Apollo blockchain database sharding.
Leveraging the Apollo blockchain assures Knox users of some peace of mind when engaging in payment activities. Protection is one aspect that stands out because, without security measures, no user would want to associate with the ecosystem. Additionally, Knox has no limitations to servicing a specific region as it is a global financial system.
Therefore, even people living in the most remote areas have access to Knox’s services. It is truly an advanced system that will empower investors and the whole economy to transact under one umbrella. As more currencies flock to the market, crypto users need to have a convenient way to execute their daily transactions and also get banked by Knox World Pay.