Customer expectations are ever-rising which leads to conscious awareness in consumer behavior. They are increasingly demanding better solutions in every touchpoint during their customer journey. Traditional payment methods for services executes the payment before the service, though this traditional way doesn’t meet the demands of modern consumers.
SPS operates with Smart Contracts which are self-executing programs with the terms of the contract between the buyer and seller without third parties and uses inbound and outbound events in a Blockchain platform. The use of Internet of Things (IoT) within the Blockchain technologies is allowing us to do interactive data exchange through sensors without any human intervention. SPS benefits from the strengths of cryptography and hash functions when offering an improved payment system to meet the requirements of demanding consumers. This combination of Smart Contract, Blockchain platform and benefits of Cryptography in the Big- and Fast Data Era creates an updated service payment system that satisfies and serves the mindset and requirements of customers nowadays.
We did finish our first prototype version – SPSv0.1. If you want to know more about it, please contact us for further information.