Blockchain technology is currently taking its place in the fintech and payment processing field. FiiiPay, the brainchild and proprietary payment system of FiiiGroup, that is stated to be the blockchain counterpart of payment giants like America’s PayPal and China’s Alipay - both of which are revolutionary ideas in their prime and reshaped traditional money transfers globally.
Being the basement of cryptocurrencies, blockchain technology is shaking up businesses in big ways because of its wide application for financial processes. Blockchain is a distributed ledger of records without a centralized system, in that older parts of the record cannot be altered. Financial transactions can be coducted directly between people in the network, excluding third parties and delays.
Nevertheless, transaction confirmation time is in common slow and there is hardly a viable alternative for payment transfers. Bitcoin block, for instance, is propagated every 10 minutes. To get a 9-block confirmation, an estimated one and a half hours is necessary. FiiiPay developers have devised a Hybrid Payment Network (HPN) that operates as a workaround, letting any crypto payments to be made immediately.
FiiiPay’s HPN applies risk mitigation strategies in order to make up for its vulnerabilities. Equipped with machine learning possibilities to review all crypto withdrawal requests, it can collect all the withdrawal timestamps, IP addresses, geolocations and more essential data. It can then decompose user behaviour to raise alerts to FiiiGroup’s team when an unusual activity is detected. This way has to protect FiiiPay customers from risks of hackers.
The architecture of FiiiPay’s is a distributed system that supports load balancing, can easily be scaled by adding hardware to the network when the requirement is getting higher. At present, a single server can support up to 1500 transactions per second. By having multiple servers online, FiiiPay may conduct thousands of transactions at the same time.