MXC has today announced a new milestone in automated payments between machines, being able to confirm blockchain payment in three seconds.
The M2M Payment Mechanism is truly a game-changer in allowing ‘devices to autonomously process financial transactions within seconds…’
Before the Internet was as accessible as it is today, website performance was generally poor, and most of the early internet users had to contend with slow loading speeds. It was only after there were significant advancements in infrastructure and technology did this change, and developers start to notice just how vital faster loading speeds are to increasing loyalty and visitor retention.
Presently having a site that has loading speeds above 3 seconds is almost shunned upon. Unfortunately, this lack of patience among consumers has shifted from not only the web but to other technologies too, including the blockchain, which although is very promising still falls short in a critical area. Its transaction speeds are still extremely slow.
Fortunately, that’s all about to change, and it’s all thanks to the M2M Payment Mechanism.
So Why Is This A Big Deal?
Simply put, the M2M payment mechanism is a mechanism that allows IoT devices to communicate more seamlessly with each other and while connecting much faster than before. In 3 seconds to be exact.
In an industry where 20-minute transaction speeds are a norm, having a solution that allows transactions to be completed in a record 3 seconds is nothing short of impressive. This mechanism works as you’d expect, and MXC users will have access to their own MXC Wallet.
This wallet uses the MXC Contour Payment system [that’s coming soon], and that’s special in the manner and speed that it allows for data transfers. Just as with fintech and the traditional banking systems — all MXC tokens deposited into the wallet are reserved inside a titanium-grade safety deposit box. All transactions after this point are completed using the MXC M2M tokens
The release of this news today was certainly enjoyed by the MXC investors as the price of the MXC token (MXC) shot up over 35% as time of writing.
What Scenarios Does The M2M Work In?
For example, Smart Parking Systems.
According to a report by the United Nations over 75% of the world’s population will be living in an urban area by 2050, this will, unfortunately, lead to a lot of pressure on current resources to keep up, making quicker adoption of IoT and autonomous processes even more crucial.
The main reasons why smart or autonomous cities are essential is because they make sharing information simpler; they also make cities more personalized while making processes more efficient.
Whether that’s by streamlining the city’s parking system, improving public health standards by providing comprehensive air quality data, improving environmental standards, ensuring there is an efficient trash collection system or by keeping insecurity in check — the potential blockchain and IoT could have on entire economies is humongous.
This is why MXC wants to put the people in control of their data by granting them full access to over 60 forms of Smart City-Data.
There’s Also Major Benefits To The Economy
This is because of the M2M Payment Mechanism as well.
Let’s use the parking system as an example. Thanks to its 21 up to the minute supernodes and LPWAN technology, MXC not only provides a secure, better distributed and immutable way of keying in data, but its ledger system also makes it easier for relevant systems to be triggered when certain metadata conditions are met.
Building codes and local zoning ordinances have profoundly contributed to the poor usage or utilization of existing parking spaces, with MXC software data tweaks and improvements can be updated at device level, therefore, removing the limitations presented by centralized cloud architectures and making it easier for IoT devices to communicate and connect better.
Not just that, the M2M payment mechanism also facilitates faster individual payments, where people only pay for the service they received or in this instance make payments based on their parking experience. This means tolling fees will be calculated from their patterns. This system will not only drive efficiency; it will also reduce workloads. The best part is, with an MXC wallet, individuals don’t need to wait 20 minutes for their transactions to be completed as with other IoT tokens, with MXC’s innovative solution all you need is 3 seconds.
A Future With Great New Possibilities
As promising as Blockchain and IoT are for the future, for them to achieve near term adoption, it is of paramount importance that:
- Consumer and enterprise incentive structures are set up to offer enough motivation to accelerate and drive this change.
- There is a laser-like focus on developing how the underlying decentralized technology functions as a whole.
Now that the M2M Payment Mechanism delivers the fastest transaction speeds in blockchain history, MXC has made the future of IoT a golden age to enjoy.
More on the MXC network can be accessed via their website or via their Telegram.
#M2M #BusinessReady #MXC #LPWAN #IoT
Disclaimer: Please only take this information as my OWN opinion and should not be regarded as financial advice in any situation. Please remember to DYOR before making any decisions.
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