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19/05/2019
Technology

GRAFT Intends to Revolutionize Payment Space in 2019

2018 proved to be a wonderful year for blockchain with many across the banking and allied industries taking a plunge into this Distributed Ledger Technology (DLT). Global real-time authorization and funds transfer (GRAFT), one of the well-known names in the blockchain industry which have made strides in 2018 with its technology, has ambitious plans for the year 2019. GRAFT aims to position itself as an alternative to credit-card like traditional payment system by creating a distributed, decentralized payment network across the globe. The project has a distinction of being world’s first two-layer privacy blockchain and working to emerge as an alternative payment system to the conventional centralized money transfers. GRAFT has achieved some tremendous results in 2018 including the release of key components relating to its first-layer of the network. These components include the blockchain node, mobile POS, mobile wallet, full supernode, and proxy supernode.

Plans for 2019

In 2019, GRAFT has chalked out an extensive roadmap to release operational features related to point-of-sale onto its blockchain network, the mainnet. Once these features are fully developed, the network will allow anyone to participate in the transaction system by creating an alternative payment network. The participants can include full supernode, updated wallet, BigCommerce plugin, smart card software, etc. once this development is complete.

Also, the development team at GRAFT also plans to facilitate the testing of its blockchain components by releasing the related emulators and simulators. The core project development team at GRAFT, which is also engaged with the communities of testers, early adopters, reviewers, and coders, is looking forward to building a secure decentralized payment network that will allow for the open exchange, thereby acting as an alternative to the conventional payment method. Although there are many established payment networks around the globe including the conventional card-processing systems, the real problem with these traditional methods is the centralization of services, leading to the vesting of the power in the hands of service networks. Many time businesses, as well as the users, find themselves at the pity of these service networks for carrying out urgent money transactions as they have little control over the processes. GRAFT is expected to prove advantageous for those who are not enrolled in the conventional banking system, as well as for the merchants who are paying abnormally high transaction fees to the conventional payment processing organizations.

As GRAFT and its related blockchain ecosystem aim to create an open, permissionless payment processing system with lower transaction fees, high security, and automated loyalty programs, it is expected to emerge as a strong alternative to the conventional money transfer ecosystem in future. The other benefits of a decentralized payment network like GRAFT include open and free trading without the interference of centralized banks and providing everyone with an equal opportunity to have economic benefits by enabling free participation in the payment networks. In sum, GRAFT intends to revolutionalize the payment network industry by incentivizing the individuals for carrying out payment network functions, exchanges, real-time authorization, etc.

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