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The Role Blockchain Plays On The Point Of Sale Process

Updated: Feb 8


The traditional POS is a computer with software, and all the data is saved in a hard drive. It is a traditional method used before cloud technology emerged. Traditional POS systems are commonly used by merchants, agents, vendors and can also be found in the supermarket. The POS system is invariably surrounded by a keyboard, printer and credit card payment devices


Maintaining the traditional POS system is difficult as it needs to be updated manually to ward off security threats. This is the reason why sapaNO EPOS device was developed to curb these problems encountered daily by the traditional POS systems.


POS Vendors interacts with a regulator over an email or any channel and saves information either in the excel sheets or a centralized database.


It is time consuming for the POS Vendors, since they have to file taxes on a timely basis, for instance, government changes on taxation policies could lead to the vendor applying for new regulations in order to update the POS system


Connecting POS to the decentralized network (Blockchain) could eliminate the need for middlemen and bring more trust to the system with the smart contracts.


Benefits of the integration of POS on blockchain


1. Storing Data On Blockchain


Information related to billings, taxes, customer’s ratings, orders placed per day, and inventory can be stored and distributed across the blocks in the chain.


2. Payment Through Crypto Wallet


The payment can be deducted automatically through the crypto wallets of the customer when they place an order and transferred to the wallet of the business owner. The transactions details are saved on the blockchain which can be later used for taxation or audit purposes.


3. Quick Audits

Since an auditor/legal authority involved in the blockchain point of sales ecosystem can directly access time-stamped records related to taxation and payment, it can be possible to conduct annual or quarter audits quickly with the smart contracts.


Conclusion

As pacesetters in the blockchain E-POS industry, our mainnet migration will host many busineses interested in hosting their POS through our blockchain. With our smart-contract Functionality, Organisations can customize their POS to suite their day to day needs.


The benefits of block chain are so numerous, Blockchain increases trust, security, transparency, and the traceability of data shared across a business network and delivers cost savings with new efficiencies. A blockchain-based point-of-sales solution could bring more reliability and traceability to the businesses from inventory management to calculation of sales and taxes and using customer’s data to automate the payments, blockchain can simplify POS securely and efficiently





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