The global e-commerce marketplace is forecasted to reach $24.3 trillion in 2025 according to a report from Meticulous Research. Even though most online payments are made through credit cards, crypto-assets are expected to get involved very soon. Perhaps starting on Amazon given latest news.
Source: BQ Intel
Amazon to accept payments in Ether
Yes, that’s what is being made possible, thanks to a collaboration of Clic Technology with blockchain infrastructure provider and B2B platform Opporty.
According to a press release date June 13th, 2019, Clic technology is set to launch a browser extension to revolutionize the e-commerce industry by allowing customers to purchase on Amazon using Ethereum. But how is it possible knowing that traditional Ethereum-based platforms can process around 20 transactions per second while Amazon typically process more than 300 transactions per second?
Opporty has reportedly developed a plasma protocol, called Plasma Cash, to scale up. Clic Technology could leverage it to dramatically accelerate transaction speeds while reducing loads on the overall system. The resulting throughput is already announced to exceed those of Visa and Mastercard.
Plasma is an Ethereum second layer scaling solution, which is expected to be the second fully deployed scaling solution on the network after state channels (the process in which users transact with one another directly outside of the blockchain, or ‘off-chain,’ and greatly minimize their use of ‘on-chain’ operations). It is a framework that allows the creation of ‘child’ blockchains that use the main Ethereum chain as a trust and arbitration layer.
In Plasma, child chains can be configured to match the demands of specific use cases, specifically those that aren’t feasible on Ethereum today. For instance, decentralized applications that force users to incur high transaction fees are much better suited to run on Plasma.
About Clic Technology
The Company, a "Financial Technology" company, is the developer and marketer of new, cutting-edge blockchain products and services. It has created a revolutionary "crypto-payment gateway system" that allows consumers to use cryptocurrency to make routine purchases online and that enables merchants to accept crypto payments and receive immediate settlements in traditional fiat currencies.
Market introduction of the new crypto-payment gateway system and related services is planned to occur in a phased rollout in the United States and other major markets in the coming months.
Check the full version of Blockchain Quarterly (Q1 2019) report for more Insights.