Sign in to view
member only content

Spotted: One problem with paywalls is that people don’t always want to buy a monthly or yearly subscription—sometimes they just want to read or watch a single article or video, without a complicated sign-up and payment scheme. Now, Eftpos Payments may have an answer. The Australian company is teaming up with globally distributed ledger company Hedera Hashgraph to develop a micropayment proof-of-concept.

The scheme would create an alternative to traditional paywalls by allowing users to pay only for the content they consume, with transaction options such as pay-per-page or streaming services on a pay-per-second basis. The idea is that the system would allow users to load a wallet with a cryptocurrency pegged to the Australian dollar, so that it retained a stable value. This currency would then be used for web-based content seamlessly.

The Hedera ledger uses hashgraph consensus, which the company claims is faster and more secure than blockchain consensus mechanisms. Hedera’s connectID system already acts as a broker between identity service providers and merchants or government agencies that require identity verification, such as address details, or bank account information.

Eftpos hopes that using Hedera’s existing structure will help speed up the development of the micropayment scheme. According to Eftpos entrepreneur-in-residence Robert Allen: “By working with Hedera, we are leveraging next-generation payments infrastructure technology that can support Australian dollar-based micropayments and open up entirely new ways of conducting business online.”

While cryptocurrencies may have cooled off a bit, companies are continuing to innovate their use of blockchain. At Springwise, we have seen this in developments such as using blockchain to verify supply chains and verify the authenticity of olive oil. 

Written By: Lisa Magloff

Explore more: Financial Services Innovations | Computing & Tech Innovations