The rise of the Corona Virus is crippling governments and their economies as every country succumbs to the inevitable debts. Point in case, Most states are obliged to think outside the box on recovery solutions during and after the COVID-19 pandemic. Before this situation, other issues, such as the efficiency of payment systems through central banks and minting processes of traditional currencies, are also among the challenges to be dealt with.
On that account, crypto and blockchain enthusiasts, fintech companies, policymakers, and the governments themselves are looking for solutions to these problems. Hence, Central Bank Digital Currencies (CBDC) are a heated topic currently. Nevertheless, they need effective, private, and transparent platforms to conduct these advancements for their success.
Apollo Fintech for CBDC Development
Apollo Fintech, a dedicated company to providing governments with viable solutions, recently presented the best way out. On August 13, they launched the first of their many projects, the Apollo National Payment Platform (NPP), better known as the Apollo National Currency System. It enables the transactions through a country’s national currency recorded on an immutable ledger.
It also provides governments with the relevant technologies to facilitate the functionality of CBDC, eliminating risks and maintaining a scalable environment. So far, countries like Japan and China are implementing their digital currencies and could benefit largely from the Apollo NPP.
An Overview of the National Payment Platform
Apollo Fintech describes the Apollo NPP as “an innovative cashless system that allows a central bank to issue a sovereign, digital currency (stablecoin) for national adoption.” After a central bank goes through this process, the NPP system gives the government or central bank the leeway to add commercial agents and banks.
In turn, approved banks can introduce a country’s subjects and traders to conduct exchanges on the platform. They can deposit, withdraw, transfer, exchange, and pay for goods and services using the national digital currencies.
Notable Features of the NPP
There are specific features that will help run the NPP smoothly, considering its presence on the Apollo blockchain. However, the most notable is its support for CBDCs, implementing its product as a solution for traditional bills, whose minting is declining due to the pandemic. Furthermore, in these difficult times, production is taking good amounts of the taxpayers’ and governments’ funds that could help elsewhere. All the same, digital currencies should aid further in the efficiency of payments without having to carry cumbersome loads of money. Other features include:
Apollo is working towards getting the quantum resistance feature up and running, preparing for the quantum computing age. Quantum computing, which goes against the normal science of computers, can solve advanced mathematical problems quickly. This factor means that such can break public keys and other advanced algorithms, thereby compromising blockchain security. The quantum resistance feature aims to protect the NPP and other of Apollo’s products from such vulnerabilities.
CBDCs are going to work hand in hand with Apollo cash. It is among the many features Apollo has been formulating. Apollo considers it the most compatible with payments on its platform, therefore, supporting a variety of payment systems globally. The system also facilitates payments through mobile applications, SMS, NFC cards, QR code, desktop apps, the web, and more. Apollo cash will come in handy for accessibility purposes. Besides these, Apollo targets the addition of bank cards to make the transactions more reliable, suiting everyone’s needs.
Other Apollo Blockchain’s Features
The Apollo blockchain remains the fastest, working on transactions on sub-second to 2-second speeds. It is also the most feature-rich blockchain leveraging others’ beneficial properties and integrating them into its network. Likewise, the NPP is going to adapt to other various features on the blockchain. One of the most important is Apollo database sharding, which aids the system’s sustainability through increasing traffic. Others include adaptive forging, file systems, and more.
Advantages of the NPP
- The NPP offers all users easier routes to maneuver payments and other financial services. Mobile payments consider those who lack access to banking services. Additionally, it backs QR code, NFC cards, desktop apps, and web payments. It also enables online sign-ups into the system, physical access to banks and agents, and online wallets for payments locally and internationally.
- It is secure, maintaining an incorruptible ledger, utilizing the national ID system to enhance identity validation. Other factors reduce financial and violent crimes encouraging transparency and safety in government payment systems or elsewhere.
- The NPP is a step towards Apollo’s vision of global adoption. If nations decide to leverage the system, it avails different features that take into account everyone’s position; thus, better payment options.
- The NPP presents itself as a sustainable, scalable, and flexible network. It will handle very high transaction speeds and eliminate blockchain bloats. It also eradicates the costs of both money productions and local and international trades. Information availability and supply technology (point of sale system and product catalogs) makes exchanges less strenuous.
Apollo Fintech is implementing the ways out around governments, commodities, and customers’ wants. The NPP system as per the company gears towards frictionless payments. It also offers those facing restraints in financial services now have the chance to maximize their potential.
According to Stephen McCullah, the CEO of Apollo Fintech, they are excited about the first system that allows governments to issue their digital national currencies. Since the platform is still new, we can all expect more modifications from it as time goes by.