In a previous post, we stated that we are tackling payment processing for cryptocurrencies as our first priority. If you missed it, in a nutshell we’re building the first developer-centric plug-and-pay platform, geared up for those who understand the massive opportunity in cryptocurrency acceptance (and innovations in decentralization in general) but don’t have the tools to capitalize on it. Our unique solution, being cryptocurrency agnostic with a technologically modular approach, means the OPEN platform will be able to accept any of the top cryptocurrencies and adopt the most meaningful innovations in blockchain tech as they come about, all with ease of use and accessibility to the developers who use the platform. In laymen terms, our platform allows you to tap into decentralized tech without having to deal with any of the current roadblocks. The same kind of roadblocks that recently prevented a large cryptocurrency conference from accepting digital currency as a means of paying for tickets.
Organizers of The North American Bitcoin Conference ultimately had to shut down the acceptance of cryptocurrency as lengthy processing times made it unfeasible — partially due to the need to manually input data into their ticketing system once the cryptocurrency payment went through. While we are in no way bashing the TNABC, in fact all praise to any group furthering community engagement and encouraging industry growth, the irony of the situation isn’t lost. Of course, it wasn’t their fault that they couldn’t make it work, the current set-up for processing crypto payments is entirely inefficient, and this is just another example of an issue that is becoming more and more prevalent.
Moe Levin, event organizer said, “We wish this was easier, but no ticketing options exist which can handle large volumes of ticket sales”.
And he’s correct, as it stands, there really is no good option — that’s where we come in. With our suite of tools and easy-to-integrate OPEN API, we hope to solve problems like these once and for all, allowing any developer to integrate with blockchain tech as they see fit, and accept cryptocurrencies instantly in a way that doesn’t force them to alter their existing technology stacks. Perhaps more importantly in this case, via our innovative OPEN State, the platform provides concrete, blockchain-based receipts, eliminating the need for manual reconciliation, which will be a game-changer for ticketing.
“Ticket service providers like Eventbrite or others do not have crypto integrations yet. I think within a year…payment providers will have better tools, and we will instantly integrate.” Levin said.
We agree, because we’re currently working with the best blockchain architects and developers in the industry to make it happen. It is our mission at OPEN to provide those tools to everyone, in order to solve these issues rapidly and universally, so that cryptocurrency acceptance is no longer a challenge, but an afterthought in a new technological reality. Give us a call next year TNABC, let’s do this together!