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JCB, Keychain Create Blockchain-based IoT Micropayment Solution – Bankless Times

JCB, Keychain Create Blockchain-based IoT Micropayment Solution – Bankless Times
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JCB and Keychain Create Blockchain-based Micropayment Solution for IoT

JCB and Keychain Create Blockchain-based Micropayment Solution for IoT
TOKYO, Feb 12, 2021 - (ACN Newswire) - JCB Co., Ltd. and Keychain GK have developed a novel infrastructure for processing credit-based micropayments between IoT devices. The innovation promises to enable direct human-to-machine and machine-to-machine payments at scale without the confines of credit cards.
As new networks, such as 5G, deploy and the use of Internet of Things (IoT) devices grow, so will the need for automated and machine-to-machine micropayments. Mobile payment apps enabled the common mobile user to pay with their phone, however the current payment infrastructure does not support tens of billions of IoT devices. Use cases in point: electric vehicles automatically paying for charging, or a farmer receiving payment for produce to a mobile device while offline. Such an infrastructure needs to handle vast cybersecurity and operational risks related to identity fraud, hacking, privacy and deni ....

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