By : Basel Khaled
“Adoption of Block chain in payment systems eliminates tampering with data and ensuring vital safeguards against any alteration or data recording activities, even by the authorized users of the system.” Said by, Muzaffar Kamilov, Bee Managing Director.
As peer-to-peer platforms complements other existing payment institutions intermediaries, like banks, credit card companies, millions of previously ‘unbanked’ people will be able to benefit from financial inclusion.”
To define Block chain technology, A Block chain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.
Structured database that stores encrypted blocks of data then chains them together to form a single-source-of-truth for the data. Digital assets are distributed instead of copied or transferred, creating an immutable record of an asset. The asset is decentralized, allowing full real-time access and transparency to the public.
A transparent ledger of changes preserves integrity of the document, which creates trust in the asset. It’s a seamless technology that is currently gaining traction in various industries including banking, financial services, and retail, healthcare, manufacturing, and government sectors among others.
The payments industry has rapidly embraced new technologies to evolve at an accelerated pace.
Bee is the first payment aggregator in Egypt that implemented and applied Block chain Technology, with servers fully owned by the company and hosted inside Egypt, not a cloud based solution. One of the major use cases for Block chain at Bee, that regulatory authority could receive a server node from Bee to validate data entry.
Over the past decade payments landscape has changed dramatically resulting in a more mature, stable, real-time and any-to-any payment ecosystem – clear evidence of how consumers’ exposure to new technologies and social media is driving the evolution of ubiquitous anytime, anywhere payment capabilities. Bee Smart Payment Solutions has responded to this trend by investing time and money in exploring new technologies such as digital and mobile applications in an attempt to transform payments.
Ayman El Desouky, CEO Ebtikar for financial Investments and Chairman of Bee said, “Market leaders across domains are continually on the lookout for new technology solutions to stay ahead of the competition in the race to meet the ever-growing customer needs and the payments industry is no exception.
Lately, the payments industry has been witnessing an increasing number of advocates championing the adoption of Block chain due to its potential to reduce the role of intermediaries and enable faster processing of cross border payments. At Ebtikar we develop the key standards that FinTechs must follow for adopting Block chain for a faster, cheaper, secure and digitized way of processing payments.
At Bee, we develop a user-friendly and feature-rich payment app powered by Block chain tech,” said Ahmed Awny, Head of Marketing Communications at Bee. “Not only will users be able to take advantage of a normal bill payments but they will also be able to experience seamless microfinance services and e-wallets, creating virtual payment cards seamlessly, and make secure payments to friends and associates right from one app.
This is an innovation that spans beyond the crypto community and is open to everyone.” He also followed: "The continuous development of electronic payment services at Bee provides credibility to partners and stakeholders and expand the base of providing financial services to the largest possible number of users of all ages due to the ease of dealing with the applications provided."