What is exactly a Decentralized NFC purchase system?
Currently, the retail environments rely totally on the centralized checkout counters where customers need to wait and line up to validate their purchases and complete payment transactions. When the number of customers wishing to complete their purchases is more than the checkout counters processing transactions, long queues will be formed which will eventually lead to customer dissatisfaction and the loss of potential buyers. To overcome this difficulty, a low-cost and alternative sales model, Near field Communication (NFC) enabled Decentralized Checkout system came into the picture.
NFC is a short-range high-frequency wireless communication technology that aims at mobile phones or handheld devices and paves the way for safe communication between electronic devices. NFC-enabled decentralized purchase system will enable users to purchase products in physical stores in a decentralized fashion by using their mobile devices. It makes use of an Electronic article surveillance (EAS) tag fixed with NFC capabilities. The ultimate goal of this purchase system is to avoid any user-terminal interaction. Some notable benefits of this new technology are as follows for your quick view.
- Elimination of the vulnerability of user privacy
- Reduction of implementation costs and risk of fraud
- Prevention of fraudulent activities in paper-based processes
- Tamper-resistant supply chains
- Protecting the Internet of things
- Minimizing migration costs to software implementation.
You will also be willing to know about the working of this Decentralized NFC system and let us see that now.
NFC will permit users to share small volumes of data between two Android-powered devices or between an NFC tag and android powered device. In NFC, data can be stored but cannot be changed. NFC can be used along with Blockchain technology to track products holistically. With its significant storage on the encrypted NFC tag, the NFC technology lays the foundation of anti-counterfeit solutions that can provide an enhanced level of security. To say in simpler terms, registered transactions on the private network and tracing of products will be very easy with the use of NFC tags. For your easy understanding, here I will list down the key steps that will be included in the decentralized NFC purchase system.
- Connecting the NFC tag to the smartphone
- Product information gathering
- Payment process
- Tag deactivation
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