NetCents Releases New Technology To Eliminate Crypto Transaction Delays

Announcements, Innovation, News | February 14, 2019 By:

NetCents Technology has released its Zero Confirmation and Risk Analysis technology that claims to eliminate blockchain transaction delays.

Registered as a Money Services Business (MSB) with FINTRAC, NetCents is a transactional hub for all cryptocurrency payments that equips businesses with the technology to seamlessly integrate cryptocurrency processing into their payment model without taking on the risk or volatility of the crypto market.

The company’s Zero Confirmation and Risk Analysis technology claims to guarantee the crypto transaction before it is confirmed by miners on the blockchain by facilitating near-instant, risk-mitigated commerce. It also reduces the wait time at point of sale (POS) transactions, which the company has seen take up to 30 minutes. According to the company, the technology will be able to deliver near real-time confirmation for 98 percent of all bitcoin transactions.

“The technology provides a score for each transaction, guaranteeing the transaction against double spend, expiration, and other fraud,” the company said. “If the transaction passes the NetCents scoring algorithm, the transaction is approved with 0 confirmations. At launch, the Company will be using this technology for all bitcoin transactions and will be rolling out for Litecoin and Bitcoin Cash transactions within the next 6-weeks.”

Clayton Moore, CEO of NetCents Technology, said that the delay in transaction approval is the biggest hurdle for card present, retail merchant and partner adoption.

“The launch of this technology lines up with our POS and terminal integration and rollout,” said Moore. “Being integrated with companies like Oracle and PAX, who alone has over 26 million terminals, the delay at the point of sale was something that we knew we needed to eliminate to instill confidence for retail merchants to begin accepting cryptocurrency and avoid transaction delays for the consumer.”