Hive Recurring Transfers - Solving the flaws of Debit Card services

in LeoFinancelast year

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It takes a little bit of exploring an ecosystem to know how much value is directly built into it. On hive, this is the case when people allow themselves to take a narrow approach of thinking of what the ecosystem is or should be.

Unpopular opinion: the growing business space will benefit hugely from blockchain and Hive will be a huge part of this revolution provided we keep building!

Rebuilding the financial system

The reality of things is that the advancement of this technology and vast adoption by developers will cut deep into the financial system totally restructuring how financial operations are done or settled.

Industry players like the CTO at Walmart are beginning to see the lights of this. Although the merits of this ecosystem span way above the financial system and down to the security of user connections across platforms and devices, what many perceive as the impact it should have is merely scratching the surface, a look deeper and we can begin to see how blockchain and cryptocurrency can rebuild the entire economic system.

Hive Recurring Transfers

As it stands, Hive is one of the safest crypto blockchains in the world with robust financial structures, but the thing is that most times we don’t even realize what we have right in front of us.

Looking at the banking system and how business platforms integrate with their third-party services, we can see a huge flaw that affects businesses on a large scale. Debit cards are only but a few of the targets.

A debit card serves as a third-party bridge to bank accounts that enable individuals to spend the money in their accounts in numerous places, but certain flaws like double spending, failed transactions, and security bridge makes it a large-scale risk structure.

Most banks would recommend using credit cards instead for a charge against fraud, but the thing is that most businesses integrate way more with debit cards and this directly puts all customers at risk if the system gets compromised. Although several steps have been taken to control the effects, however, the numbers are reported to keep increasing.

Paying attention to HIVE

Hive recurring transfers solve this and it’s funny how nobody even realizes it. When a blockchain is designed to handle transfers autonomously without security risk, a huge network accomplishment is in sight.

Businesses can build and integrate with Hive, that way, instead of using debit cards to pay in USD, customers can utilize Hive blockchain and pay with HBD, this would bring great value to Hive as a blockchain and HBD as a currency of the great Hive Financial Network.

For instance, if Netflix integrated with Hive to enable users to pay with crypto, the way I would picture it is a system similar to crypto exchanges where each Netflix users have a unique memo. When a user subscribes to Netflix with HBD, the backend record of the transaction has the amount(threshold) and a memo that identifies that particular Netflix account.

Now, this is for users that only wish to pay once or manually update their subscriptions, but for users that wish to make it “auto”, this is where “Hive recurring transfers” becomes a powerful tool to utilize.

Simply, while on Netflix, what a user sees is that he’s subscribing for auto monthly payments, but on the backend, a smart contract is actually making a call to the hive account to sign a recurring transfer of a certain threshold every 30 days perhaps. Once the user signs the transaction, the system immediately sets the recurring transfers in motion.

All the user has to do is ensure there’s HBD in the account to cover the cost of the subscription while the blockchain handles the rest!

There isn’t any risk of double spending and a security bridge on that layer, the only way a transaction would fail is if there isn’t any balance for the blockchain to process.

Business would be able to scale better as Hive is fast and powerful, these are things we need to be talking about way often so that companies can understand the merits of integrating with Hive, I would personally pay for Netflix with HBD via reoccurring transfers and the best part is - Zero Fees!

Thank you and please leave a comment, your thoughts matter to me

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What you shared made me think like Hive is like the next Bitcoin the world should know, given its robustness and decentralised nature. Better still, it comes with it’s own stable coin within the network.

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