A closer look at Dr. Craig Wright’s peer-to-peer web payments series
Dr. Craig Wright has been running a series of posts through his Medium account that give great detail on new applications and uses for Bitcoin. Most recently, he wrote Taking Money over the web using Bitcoin – the way it was designed, a piece that showed how payments could seamlessly and easily be integrated into web operations. A closer look at that plan through a blog post on nChain’s website gives even more clarity on how it could be implemented and how it would create a standard that is more structured and efficient than current payment solutions.
The payment system described by Wright follows two innovative systems that were patented by nChain, Deterministic Key Generation and Secure Spit Key Technique. It would allow for the creation of standards for electronic data interchange (EDI), as well as standardized message types and tools that could create a more secure and, subsequently, efficient solution.
Similar to how SAP (systems, applications, products) helps to enhance business operations by improving reliability, privacy and accounting, Wright’s proposal offers a system for payments that embraces the same innovative enhancements. It also “brings us closer to establishing the Internet services we know (and more) on top of a safer and more efficient back-end—by using Bitcoin SV as the world’s global blockchain and database,” according to the blog.
The blog post’s author, Sebastian Plötzeneder, adds, “The system can be integrated with current EDI and accounting standards and tools, allowing for more reliable bookkeeping and one, as Craig Wright puts it, which cannot be ‘deleted, altered, or manipulated.’
“Even tokenised fiat—through protocols such as Tokenized—can be exchanged using Bitcoin as the underlying payment-data or ‘plumbing’ infrastructure, which would pose no change in habits on the payment side, yet retain transactions at a more secure and private level.”
This payments solution is just one of the many innovative developments to come out of nChain, which continues to find new, real-world use cases for cryptocurrency. Bitcoin may have been designed about a decade ago, but only Bitcoin SV, and its supporters like nChain, can facilitate a true digital currency that will revolutionize how the world does business.
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