Bitnet has always been proactive towards ensuring safe and secure Bitcoin transactions; now, the company has brought in the new “Instant Approval” service that applies data provided by blockchain web service company BlockCypher to determine if a transaction is safe to accept. This will allow merchants mitigate the risk of accepting Bitcoin payments without confirmations.
The company claims that it is an enterprise grade digital commerce platform delivering the security, reliability and scalability demanded by global 24×7 high volume merchants. As this company understands that the Bitcoin network is designed the way that payments cannot be fully trusted until they have been confirmed by miners and included in at least one block, while waiting up to six blocks is advised.
A fine observation that Bitnet makes is that since this can sometimes take more than an hour, it makes Bitcoin a less-than-perfect payments system which may even scare the clients and other users. However, Bitnet thinks that the Instant Approval will solve this problem to a large extent and help the anxious merchants to great extent providing the assured transactions.
Talking about the latest launch, Seamus Cushley, VP Product at Bitnet said that one of the biggest challenges for merchants wanting to accept Bitcoin is how to accommodate the delayed confirmation times into their ‘real-time’ checkout flows and still be assured of being funded. To solve the issue the company partnered with BlockCypher.
The partnership according to him will provide key data for its ‘Instant Approval’ service due to their best-in-class metrics and enterprise service. Taking into account factors such as the amount of fees paid and the propagation speed, all ongoing transactions on the Bitcoin network will be analyzed by the two companies.
Transactional Security for Merchants and Customers
It is also believed that the payment processing company can calculate the probability that a Bitcoin transaction will actually confirm on the blockchain. Moreover, as Bitnet takes on the financial liability for that estimation as well, so that a merchant won’t be at risk of double spends; the service is expected to generate interest among merchants.
Bitnet also assures secure transactions for customers as a Bitcoin payment is made directly from the consumer’s wallet on their computer, mobile device or browser to a new Bitcoin address created by Bitnet specifically for each invoice. The payment is posted directly to the blockchain by the consumer’s wallet; it monitors the blockchain for any activity on the address.
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