Dr. Husam Yaghi designed for his startup, Ateon, an innovative approach to put point-of-sale terminals on a private blockchain network in Saudi Arabia. The objectives were:
1. Immediate settlement of sales transactions (more money into a merchant’s bank account).
2. Elimination or significant reduction of consolidation discrepancies.
3. Prevention of tax evasion.
4. Visibility to the tax authority (Zakat).
This one of its kind engineering project caught the attention of numerous entities including the giant Saudi Telecom who signed an agreement with Ateon to offer this solution to its large number of micro, small, and medium size companies.
Now, MasterCard is preparing to offer a solution to protect the identity of consumers at the point-of-sale: “People lose money from their credit cards in a mysterious way just because someone duplicated the card details at a point of sale. Globally, people lose more than $2 billion every year to credit card skimmers. Mastercard wants to solve this predicament using the blockchain.” https://blockchainflashnews.com/how-mastercard-uses-blockchain
PoS-Chain
PoSChain: a Blockchain-based private network for settlement of POS financial transactions and VAT Reporting.
Benefits:
- Reduce operational cost
- Increase profit
- Support cryptocurrency when permitted
- Immediate settlement (benefits to merchants)
- Prevent double debiting to customers
- Immediate reporting or collection of sales tax/VAT
Commercial Plan:
- A minimal transaction fee to be charged to merchants; US$ 0.01 per transaction.
- A monthly support fee of US$10 per POS terminal.
For further details, you may contact the author at hyaghi@gmail.com
https://thepaypers.com/payments-general/stc-and-ateon-sign-fintech-blockchain-deal–773885
https://www.unlock-bc.com/news/2018-07-03/stc-business-signs-mou-with-ateon-to-unleash-fintech-blockchain-innovation/
