Aside from the obvious — you can’t yet use cryptocurrency in conventional applications or on most existing websites as a form of payment, something we are actively solving — the thing that struck us as much-needed is receipts. Where are they?
As it stands, it’s convoluted at best and impossible at worst to produce an actual receipt for a cryptocurrency transaction. Outside of using a service like ethscan or blokchchain.info to prove a transaction occurred between digital wallets (and even this isn’t a complete solve), it’s pretty hard for the average person to prove they sent payment to a specific person for a specific thing, and conversely pretty difficult to prove the opposite. Of course, this anonymous nature of cryptocurrencies is by design, and we aren’t suggesting a need to standardize identification of transactions or rock the boat for those enthusiasts who are happy with the current climate.
What we are suggesting, though, is that when we reach the point where one can use cryptocurrency as payment for mainstream items — like in-game assets, web services, purchasing online content or paying for physical goods through apps, amongst other things — that consumer is going to need an easier way to establish a proof of receipt thereof. And, the businesses accepting cryptocurrencies are going to want a more concrete process, something more than an email receipt to an individual, for instance, something that helps them establish without a doubt who the currency came from and for what purpose. We aim to solve this receipt issue. And, we figured why not solve it using the blockchain itself? After all, isn’t distributed ledger technology perfect for this?
We think it is. That’s why we’ve created the OPEN State — an immutable, irrefutable, permanent receipt that lives on the blockchain. It can handle any type of payment transaction you can imagine, from movie tickets to subscription services and more. And, since its backed by the blockchain, it’s a receipt you can’t lose or alter. Not only is this great for cryptocurrency adoption, it’s great for businesses and consumers at large.