Author: Mike Hearn 2014-03-06 09:45:31
Published on: 2014-03-06T09:45:31+00:00
a sub-500ms transaction time. The second thing is security - you don'twant someone walking past you to be able to surreptitiously charge yourcard.The first aspect, the physical/NFC layer, involves the communicationbetween the phone and the payment terminal. This requires both hardwarein the phone (e.g. NFC chip) and in the payment terminal (e.g. NFC reader).The latency of this communication needs to be very low to ensure a smoothtransaction experience, similar to using an Oyster card.The second aspect, the risk analysis layer, involves ensuring that onlyauthorized transactions are processed and fraudulent activity isprevented. This involves advanced algorithms that analyze patterns anddetermine the likelihood of fraud based on factors such as location,purchase history, and spending limits.As contactless payments become more popular and consumers expect aseamless payment experience, Bitcoin and other digital currencies willneed to match this level of convenience and security. Implementing a fast,low latency communication system and a robust risk analysis layer will becritical for the success of digital currencies in the future.
Updated on: 2023-06-08T04:08:45.505428+00:00