Since the inception of the blockchain technology in 2009 via Bitcoin, the biggest challenge so far has been the lack of mainstream adoption. Slow adoption has been largely attributed to the shortcomings of blockchain projects, notably scalability issues and lack of interoperability between blockchain networks.
However, recent developments in the blockchain space promise to spur widespread adoption. Blockchain company Apollo Fintech seeks to enhance global cryptocurrency adoption through its most recent innovation- National Payment Platform (NPP) launched on 13th August 2020. The National Payment Platform (NPP), also referred to as the National Currency Platform, is a first-of-its-kind blockchain-backed digital currency system that enables central banks to issue a sovereign, central bank digital currencies (CBDC) digital currency ripe for national use.
The National Currency Platform packs plenty of features bringing together commercial banks, agents, and merchants under a single platform. The NPP ecosystem constitutes virtually everything needed to power an economy i.e., supports P2P transactions, credit cards, SMS to users, QR codes, online wallets, a marketplace, and more. Let’s take an in-depth look at how NPP enables central banks to issue national , sovereign cryptocurrencies.
About Apollo Fintech
Apollo Fintech is a blockchain technology company with offices in North America and Africa. The company prides itself on “developing world-shaping Fintech solutions for a better global economy.” Apollo Blockchain is among the leading blockchain networks incorporating expedient features for real-life usability. The blockchain is powered by Apollo Currency, which is among the fastest cryptocurrencies in the crypto market with a settlement time of less than two seconds.
Unlike other blockchain networks, Apollo blockchain doesn’t suffer from common blockchain issues such as scalability thanks to its unique architecture incorporating Olympus Protocol and Hermes Blockchain. The more people use the blockchain, the first it becomes. Also, top-notch technology, including adaptive forging, sharding, node time synchronization, etc. allows the blockchain to be sustainable and overcome bottlenecks experienced in other blockchain networks.
Apollo Fintech has several products with the National Currency Platform being its latest innovation. The global leader in blockchain solutions for governments and institutions plans to expand its operations to other countries in Europe, South America, Asia, and Central America.
Introducing the Apollo National Payment Platform (NPP)
Apollo Fintech’s recent innovation looks to solve the problem of financial inclusion of digital currencies in a nation’s currency system. The National Payment Platform is essentially a cashless digital platform that confers power and the necessary tools to central banks to issue a nation’s sovereign stablecoin i.e., central bank digital currencies.
According to Stephen McCullah, CEO of Apollo Fintech, describes NPP as “the only blockchain-powered system that enables users to make digital payments through a sovereign currency” McCullah continues that: “NPP enables regulated banks and commercial entities to harness the power of blockchain and facilitate frictionless transactions allowing economic participants to save large amounts of time and resources and enables an economy to gain massive efficiencies at scale.” Using the National Payment Platform (NPP), governments can circulate CBDCs through central banks as well as commercial banks and agents.
National Currency Platform packs plenty of features that give it an upper hand in solving the financial inclusion of digital currencies. Some of its outstanding features include:
- A marketplace that enables merchants to list their products and receive payments from the sale of their products directly from the platform.
- Citizens and merchants can leverage the online sign-up feature allowing for ease of accessibility.
- An online wallet that allows users to deposit and withdraw funds. The wallet also facilitates direct transfer of funds between wallets as well as cross-border money transfers.
- Integrate credit cards to the platform to add funds or withdraw cash
- Secure transactions achieved via quantum-resistant encryption of transaction on the distributed public ledger
- Use SMS (short message service) to directly make payments and check account details without logging onto the platform.
Facilitating Frictionless Payments
In addition to enabling central banks, commercial banks, and agents to circulate CBDCs, the National Payment Platform facilitates fast, frictionless payments. This is achieved via the compatibility of the platform with Apollo Cash– a cashless Apollo payment platform that offers the unbanked population with access to a frictionless digital payment.
NPP works hand in hand with Apollo Cash to eliminate barriers to accessing the Apollo payment platform.
NPP allows prospective users to transact using a wide range of protocols, including online wallets, offline codes, QR codes, SMS, bank cards, top-up cards, and other cashless protocols. With a wide range of payment options under a single ecosystem, NPP solves banking usability and access challenges. Practically, anyone can utilize the system and enjoy a frictionless payment experience.
Apollo Fintech CEO regards NPP, in collaboration with Apollo Fintech’s cashless innovations, including Apollo Cash, Apollo Bank Network, and other cashless innovations, as a vital step in spurring mass adoption of cryptocurrencies and digital payment platforms.
How will Governments Manage CBDCs Issued via NPP
Like any other sovereign currency, governments will exercise control over their CBDCs issues on the National Payment Platform. This is made possible via the national ID registration system, enabling governments to control CBDC issuance and avoid identity theft. Citizens lacking identity cards or documents of identity e.g., passports, will still be able to CBDCs on the National Currency System. Similarly, individuals with no access to banking services or mobile payments are able to instantly acquire CBDCs by registering on the platform.
Advances in the blockchain space are promising to bank the unbanked. Apollo’s National Payment Platform is the first of its kind blockchain solution to enable central banks across the globe to issue blockchain-backed, sovereign digital currency i.e., CBDCs that can be transacted by a simple mobile text.
If used correctly, NPP has an enormous capability of spurring mainstream adoption of digital assets and blockchain technology, which will consequently lead to unprecedented economic growth, especially in developing countries. The time has come for governments to utilize blockchain technology benefits, including transparency and security on a national scale and fast track economic development.