Quadrant overcomes key obstacle for enterprise adoption of blockchain tech with a new payment system
Quadrant, the platform that maps and authenticates data, making it easier to buy and sell quality, authentic data feeds, had announced that organisations are now able to purchase credits for its services using fiat currency. By allowing companies to use currency, Quadrant ensures that they remain in compliance with traditional book-keeping and accounting structures. Organisations will be able to purchase Service Credits (known as QUADs) from Quadrant who will then take out the equivalent number of tokens from the open market for use on the platform. Organisations who wish to purchase authenticated, organised data will be able to do so safe in the knowledge that they are in full compliance with existing accounting and tax standards.
Mike Davie, CEO of Quadrant, said:
“This innovation will be a game-changer for enterprise adoption of Blockchain technology,” says Mike Davie, CEO of Quadrant, adding “The benefits of Blockchain technology are becoming clearer by the day and are becoming more accessible to more companies. However, there are still some obstacles that many firms need to overcome before they can leverage these benefits. Key among these are the traditional reporting and accounting structures that have yet to catch up to innovations such as Blockchain. Companies have previously had to purchase tokens through exchanges before using those tokens to pay for services, which was problematic from a financial reporting point of view.
Quadrant has overcome this challenge by removing barriers to Blockchain technology, making tokens available for purchase directly from Quadrant. This mechanism allows for the issuance of invoices and receipts allowing for proper and full tax and accounting compliance. As companies realise it is safe, compliant and accessible, they will start embracing Blockchain solutions on a much wider scale.”
Companies are able to purchase Service Credits, each one known as a QUAD, from Quadrant using fiat currency (via PayPal). When a customer makes a purchase request, Quadrant obtains the desired amount of QUAD from the market (in the form of an eQUAD). Quadrant then removes one eQUAD token from circulation for each QUAD purchased, keeping the balance in the market for eQUAD and QUAD in sync. Within 48 hours the QUAD will appear in the customer’s wallet in the form of a Service Credit.
Customers are then able to use these QUADs to purchase and use Quadrant’s services including its Quadrant Protocol data authentication technology. In November 2018 Quadrant opened up its data authentication technology to public and private organisations, allowing them to authenticate the data they purchase and use. By stamping the data with a unique signature, the user is able to trace it back to its source, ensuring provenance and accountability. This in turn reduces fraud and allows companies to make better, more accurate business decisions
A key brake on the wider adoption of Blockchain technologies – including Cryptocurrencies – is the inability for basic accounting rules and bookkeeping methods to handle it as it is not legal tender (as cash is defined). Furthermore, companies often have strict security and reporting requirements that make it difficult for them to transact on these exchanges and lack the requisite back-end capabilities to be able to perform such actions. This is often compounded in many jurisdictions by government regulations, many of which consider cryptocurrency as property, not currency, and so apply the same taxation and valuation principles as it would a property asset.
By allowing companies to purchase QUADs using fiat currency, they can account for the expenditure as they would for any other good or service. This innovative method allows companies to access Quadrant’s data stamping and authentication services without disruption or unnecessary complication.
QUADs that have been purchased on the platform cannot be converted into a tradeable cryptocurrency and can only be used for services on the platform. QUADs can be purchased through PayPal and are priced at US$1 per QUAD. QUADs purchased in Singapore may be subject to Goods and Services Tax (GST).
Organisations are able to access Quadrant’s services through www.quadrant.io.