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Cryptocurrencies

PayStand lets customers certify payments on the blockchain

Friday 28 October 2016 | 09:39 AM CET

PayStand has announced that customers can certify and notarize payments on the blockchain to make the history of payments secure, independently verifiable, and free of tampering.

Typically, certifying payment records are the domain of third party notaries or auditors. The blockchain, however, enables an independent, decentralized and cryptographically secure way to verify that a payment has been made and its information has not been tampered with.

PayStand leverages a core feature of the blockchain called immutability. When an electronic record is written on the blockchain, it can never be changed; changes are always new entries, and result in a record trail that is secure, certified, and fully auditable. As a result, immutable records can lead to a much higher degree of transparency and accountability.

Every PayStand customer can choose to certify the payments. When they choose to enable certification, every payment request associated to an invoice has a hash of the requested amount and related information. That hash is confirmed on the blockchain as well as to the sender and recipient. At any time, the sender or recipient can verify the information by clicking on the certificate to make sure the records match what both parties have as well as the permanent and immutable record of the blockchain hash.

All payments take place in local currency such as US dollars and no information is stored on the blockchain, only the certification and audit trail. Once a payment occurs, a receipt is available to both parties. Within that receipt one can click on the certification to see the history and confirmation that the payment occurred and the auditable record that ensures the amount and additional information has not been tampered with. All PayStand customers have access to a dashboard in which they can view the history of all payments and the certified audit trail of each.

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