Blockchain Plays Key Role In Identification Verification To Be Stored In Database And Create Unique QR Code


As blockchain disrupts more industries daily, it now plays a key role in ID verification in a blockchain database which creates a unique QR code and enables the user to establish ID and then re-enter it in the future. Although original submission of documents and ID photo may take up to two hours, it simplifies repeat transactions in the future because it generates a QR code unique to the individual/organization.

Blockchain is in the news daily. Media companies such as Stock Market Press are reporting on the fast growing blockchain and 5G telecommunications market. It keeps readers up to date on 5G company stocks such as iQSTEL Inc. (OTC: IQST), Motorola Solutions, Inc. (NYSE: MSI), China Mobile Limited (NYSE: CHL),Verizon (NYSE: VZ), AT&T Inc. (NYSE: T), T-Mobile US (NASDAQ: TMUS), Sprint (NYSE: S) and Ericsson (NASDAQ: ERIC), HIVE Blockchain Technologies Ltd. ( (OTC: HVBTF) and Long Blockchain Corp. (OTC: LBCC)  in 5G and blockchain networks. Also covered are trends by semiconductor manufacturers Qualcomm (NASDAQ: QCOM), Qorvo (NASDAQ: QRVO) and Skyworks Solutions (NASDAQ: SWKS), among others.

Blockchain Plays Key Role In Identification Verification To Be Stored In Database And Create Unique QR Code

The blockchain ID verification in the long term simplifies future re-verification for portal entry into such platforms as smart contracts. It mitigates hacking issues, helps prevent identity theft, access to sites by under-age viewers. Also, companies like Jumio offer net verification which permits blockchain transactions without revealing identity when using an anonymous cryptographic code. There are other protocols available to enable users to not use ID to merchants when making blockchain purchases.

Payment Processing Another Blockchain Feature

Some banks, such as Santander, have introduced proprietary payment processing blockchain-driven platforms. The purpose is to speed up secure processing internationally. iQSTEL Inc. (OTC: IQST) recently purchased a 75% stake of itsBchain, a blockchain solutions provider. In turn, itsBchain announced afterward that it has completed its blockchain-based payment solution software blueprint which can shorten the receivables timeframe from 35-40 days currently to as little as one day. The blueprint is for Voice, SMS and Data Wholesale Carrier Settlement and Payment Platform for Tier 1 Carrier Interconnects such as Telefonica and Deutsche Telecom. Blockchain can disrupt the global payments processing industry and also mitigate fraud in those large international transactions.

iQSTEL Inc. (OTC: IQST) Turns Payment Processing World Upside Down

In a statement, iQSTEL Inc. (OTC: IQST) said, “Blockchain technology is turning the payment processing world upside down. Rapid processing with fraud mitigation all in one forensic friendly system will drive the Telecom market out of the dark ages into the 21st century.” The software blueprint is for its blockchain-based Voice, SMS and Data Wholesale Carrier Settlement and Payment Platform.

Beta Testing Anticipated As Early As Q3

Mr. Iglesias, CEO of iQSTEL Inc. (OTC: IQST), said, “The demand for an efficient Tier-1 payment system is felt across the telecom industry as a whole. Currently, receivables time frames are 35-40 days. Our vision in istBchain is to be the first blockchain solution for this market, dramatically reducing the receivables time frame to as little as a day.”

He added that he anticipated early Q3 delivery for beta testing the payment solutions platform with some of the company’s largest carrier clients, such as Telefonica (Spain and Latin America), Millicom (Tigo brand for Latin America), Telecom Italia and Deutsche Telecom.

The Payment System Is Designed To Bring Transparency, Efficiency And Increased Profits

Another important element of this blockchain-based payment solution software blueprint is fraud prevention. Mr. Iglesias said, “Today, the carrier interconnection market is worth hundreds of billions of dollars per year and our system will bring transparency, efficiency and increased profits to the carriers.”

itsBchain Positioned To Develop Telecom Applications Based On Blockchain Technologies

Mr. Iglesias said acquired itsBchain is uniquely position to develop telecom applications based on smart contracts and blockchain technologies. Mobile number portability and carrier wholesale VoIP, SMS and Data payment solutions are just two of the projects itsBchain has under development. We believe the synergy between our subsidiaries, as well as our existing clientele, will greatly benefit from this new acquisition.”

QSTEL Inc. (OTC: IQST) Subsidiaries In Telecommunications

In addition to itsBchain, QSTEL Inc. (OTC: IQST) wholly owns subsidiary, Etelix, an American based 5G provider of Submarine Fiber Optic Network capacity for internet (4G and 5G). It also holds 51% of SwissLink Carrier AG. SwissLink Carrier AG which  provides international VoIP connectivity worldwide and more.

Source: Stock Market Press

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