About R Pay
Blockchain, the backbone technology behind Bitcoin, is one of the hottest and most intriguing technologies currently in the market. Smart contract, or code executed on the blockchain, bring significant advantages over existing applications and frameworks of operation.
- Security and integrity
Blockchain is maintained by a large network of participants, no one actor can easily gain enough influence to submit a fraudulent transaction or successfully alter recorded data. Users can trust that transactions will be executed as the protocol commands removing the need for a trusted third party.
All transactions being added to a single public ledger, any wallet addresses is random characters that cannot intrinsically be associated with a specific individual. This enables a high degree of privacy when required.
- Faster transactions
Interbank transactions can potentially take days for clearing and final settlement, especially outside of working hours. Blockchain transactions can reduce transaction times to minutes and are processed 24/7
- Transparency and immutability
Changes to public blockchains are publicly viewable by all parties creating transparency, and all transactions are immutable, meaning they cannot be altered or deleted or recovered.
- Low cost
By eliminating third party intermediaries and overhead costs for exchanging assets, blockchains have the potential to greatly reduce transaction fees.
- High quality data
Blockchain data is complete, consistent, timely, accurate, and widely available.