Blockchain Comes to Apple - Big Tech!
What is Scratching the Surface with Soosh? Its a new mini project of mine to provide some context to the world of crypto, finance etc in bite sized written format. As the name suggests, everything here is at surface level (i.e. no deep dives or extremely details/heavy datasets), just enough to get your curiosity to tingle~ so you can learn!
Today's topic: Blockchain Comes to Apple!
Two weeks ago during Apple's annual WWDC event, Apple announced a handful of new software updates through iOS, MacOS, iPadOS alongside some other updates throughout their ecosystems. On the iOS update, a feature seems to be a fan-favorite across the crypto community; Tap to Pay.
Tap to Pay
Apple had launched Apple Cash a handful of years where iPhone users were able to send money to each other via iMessage. This was already supported by the one of the biggest payment blockchain; Ripple. But most people still preferred to use 3rd party apps for settling like Venmo, Cash App, Zelle etc.
What exactly is this feature? Two users can tap their phones together for the funds from flow from one phone to another. While in the background, the payments are being settled on the Inteledger blockchain infrastructure of Ripple Blockchain.
Benefits Benefits Benefits
Payments are settled in REAL TIME. That means you no longer have to wait for the classic '1-3 business days' for funds to reach your account. They happen in a matter of seconds.
Apple cut their settlement costs by 100-1000x times. Each settlement typically costs a few cents or less on the Ripple blockchain, compared to $1-5 per ACH transaction.
The users don't need to interface or know how to use blockchain. The User experience is very Apple focused!
Other supporting news Articles:
Until next time on the next scratching the surface with soosh!
*this article is for curiosity only and nothing stated within should be taken as tax and financial advice. DYOR!
