Artificial Intelligence / Internet Of Things

Pareteum adds Blockchain technology support to its Global Cloud Platform for cryptocurrency transactions 

Pareteum adds Blockchain technology support to its Global Cloud Platform for cryptocurrency transactions 

Pareteum Corporation, the mobile Cloud Communications Platform provider, has added Blockchain technology support to its Global Cloud Platform (billing and settlement services).

The new feature will empower more customers to participate in the transformational “Digital Economy Monetization to the Cloud”, enabling them to accept and process payments in the form of cryptocurrencies including Bitcoin, Litecoin, Airtokens, and Ethereum.

“The demand in the mobile market for digital wallet applications has quickly morphed into a requirement to process and settle all forms of currency and an entire eco-system of applications relying on purely digital settlement has emerged,” said Vic Bozzo, CEO of Pareteum. “It’s a natural requirement of any Mobile Platform provider to support this move as many mobile applications become reliant on mainstream digital currency and other applications begin to create their own.”

Pareteum, originally founded as Elephant Talk Communications in 2001, said that as they consider the new mobile landscape worldwide, and Pareteum’s capabilities and service developments in 2017, various opportunities exist for it in IoT, Smart Cities, AI and machine learning. They are optimistic for the future and plan to create their own currency to settle payments of millions of its platform subscribers across the globe.

“We have sold solutions that take us, through our cloud services, into Smart Cities and cryptocurrency payment capabilities. It’s not hard to imagine that we can live in an entire digital universe where all of our transactions may be managed through your own personal mobile phone, with secure identity management and digital payments,” said Hal Turner, Executive Chairman and Principal Executive Officer of Pareteum. We envision a time in the not too distant future when Pareteum could create its own currency payments and settlements among the millions of subscribers on its platform globally.

Coinschedule noted that $287 million of cryptocurrency transactions or 7.8% of ICOs (Initial Coin Offerings) involved payments in 2017. The evolution of mobile payments began in 2016 where over 50% of mobile users were found making payments using mobile devices.

The mobile payment market has expanded in 2017 and reached to $60 billion, and blockchain technology is credited for building a new generation of transactional applications among businesses and customers.

Also read: Blockchain network IOTA surges high after partnering with firms like Microsoft and Accenture

The cryptocurrency support to billing and settlement services has helped the firm in surging in the market. The shares of Pareteum had declined by 58% in 2017 through Friday’s close, which now have jumped from $1.33 to $2.60, almost doubling in the price.

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