Join Our Mailing List
Wednesday February 08, 2023
Bitcoin (BTC) $22,966.15   Ethereum (ETH) $1,654.83
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Investment Management
    • M&A
    • Mining
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
Trezor Model T
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
Home Blockchain Technology

Enterprise data authentication platform Quadrant introduces new payment system

Published by CryptoNinjas.net
01/15/2019
Enterprise data authentication platform Quadrant introduces new payment system

Quadrant, the platform that maps and authenticates data, making it easier to buy and sell quality, authentic data feeds, announced today that organizations are now able to purchase credits for its services using fiat currency. By allowing companies to use currency, Quadrant ensures that they remain in compliance with traditional book-keeping and accounting structures. Organizations will be able to purchase Service Credits (known as QUADs) from Quadrant who will then take out the equivalent number of tokens from the open market for use on the platform. Organizations who wish to purchase authenticated, organized data will be able to do so safe in the knowledge that they are in full compliance with existing accounting and tax standards.

“This innovation will be a game-changer for enterprise adoption of blockchain technology,” says Mike Davie, CEO of Quadrant, adding “The benefits of blockchain technology are becoming clearer by the day and are becoming more accessible to more companies. However, there are still a number of obstacles that many firms need to overcome before they can leverage these benefits. Key among these are the traditional reporting and accounting structures that have yet to catch up to innovations such as blockchain. Companies have previously had to purchase tokens through exchanges before using those tokens to pay for services, which was problematic from a financial reporting point of view.

Quadrant has overcome this challenge by removing barriers to blockchain technology, making tokens available for purchase directly from Quadrant. This mechanism allows for the issuance of invoices and receipts allowing for proper and full tax and accounting compliance. As companies realize it is safe, compliant and accessible, they will start embracing blockchain solutions on a much wider scale.”

Companies are able to purchase Service Credits, each one known as a QUAD, from Quadrant using fiat currency (via PayPal). When a customer makes a purchase request, Quadrant obtains the desired amount of QUAD from the market (in the form of an eQUAD). Quadrant then removes one eQUAD token from circulation for each QUAD purchased, keeping the balance in the market for eQUAD and QUAD in sync. Within 48 hours the QUAD will appear in the customer’s wallet in the form of a Service Credit.

Customers are then able to use these QUADs to purchase and use Quadrant’s services including its Quadrant Protocol data authentication technology. In November 2018 Quadrant opened up its data authentication technology to public and private organizations, allowing them to authenticate the data they purchase and use. By stamping the data with a unique signature, the user is able to trace it back to its source, ensuring provenance and accountability. This, in turn, reduces fraud and allows companies to make better, more accurate business decisions

A key brake on the wider adoption of blockchain technologies – including cryptocurrencies – is the inability for basic accounting rules and bookkeeping methods to handle it as it is not legal tender (as cash is defined). Furthermore, companies often have strict security and reporting requirements that make it difficult for them to transact on these exchanges and lack the requisite back-end capabilities to be able to perform such actions. This is often compounded in many jurisdictions by government regulations, many of which consider cryptocurrency as property, not currency, and so apply the same taxation and valuation principles as it would a property asset.

By allowing companies to purchase QUADs using fiat currency, they can account for the expenditure as they would for any other good or service. This innovative method allows companies to access Quadrant’s data stamping and authentication services without disruption or unnecessary complication.

QUADs that have been purchased on the platform cannot be converted into a tradeable cryptocurrency and can only be used for services on the platform. QUADs can be purchased through PayPal and are priced at US$1 per QUAD. QUADs purchased in Singapore may be subject to Goods and Services Tax (GST).

50
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram

Related News

AI company Appen acquires decentralized mapping data platform Quadrant

08/30/2021
AI company Appen acquires decentralized mapping data platform Quadrant

Appen, a provider of high-quality training data for organizations that build effective AI systems at scale, announced it has signed a definitive agreement to acquire Quadrant, a provider of blockchain-powered mobile location data, Point-of-Interest...

Read more

Mobile location data protocol Quadrant building new project ‘Geolancer’ on Polygon

04/27/2021
Mobile location data protocol Quadrant building new project 'Geolancer' on Polygon

Quadrant, a blockchain company specializing in mobile location and POI data, announced it has built its latest project 'Geolancer' on Polygon, an Ethereum scaling and infrastructure development platform. Geolancer is a platform for gamifying...

Read more

Quadrant Protocol officially launches Data Smart Contracts Payment Module

07/16/2019
Quadrant Cryptoninjas Equad

Quadrant Protocol, the technology that maps and authenticates data making it easier to buy and sell quality, authentic data feeds, has announced the launch of its Data Smart Contracts Payment Module to be released...

Read more

Quadrant Protocol launches on mainnet to enhance data economy transparency

11/22/2018
Quadrant Protocol launches on mainnet to enhance data economy transparency

Quadrant Protocol, a blockchain-based protocol that maps and authenticates data announced today the launch of its mainnet, opening up its data authentication technology to public and private organizations. Quadrant Protocol drives Quadrant.io and will...

Read more
Load More
Leave Comment

Where to Exchange

Leading crypto suite in Spain & LATAM Visit
European bitcoin exchange Visit
Swap & buy 150+ cryptocurrencies Visit
First U.S. regulated BTC exchange Visit
  • Trending
  • Latest
Trust Wallet launches anticipated browser extension of its crypto management app

Trust Wallet launches anticipated browser extension of its crypto management app

11/14/2022
ETH infrastructure platform Blocknative adds TX bundles, cancellation, and replacement support

ETH infrastructure platform Blocknative adds TX bundles, cancellation, and replacement support

02/02/2023
Where Exactly Can You Spend Monero Cryptocurrency?

Where Exactly Can You Spend Monero Cryptocurrency?

10/20/2021
Bluzelle Launches Layer One Chain to Drive Gaming Adoption for Cosmos

Bluzelle Launches Layer One Chain to Drive Gaming Adoption for Cosmos

02/06/2023
ETH infrastructure platform Blocknative adds TX bundles, cancellation, and replacement support

ETH infrastructure platform Blocknative adds TX bundles, cancellation, and replacement support

02/02/2023
Crypto derivatives exchange Deribit to put in place trade surveillance platform from Eventus

Crypto derivatives exchange Deribit to put in place trade surveillance platform from Eventus

01/24/2023
Crypto exchange Gemini launches new electronic OTC trading solution

Crypto exchange Gemini launches new electronic OTC trading solution

01/19/2023
Crypto securitization platform-GenTwo links to all Coinbase assets

Crypto securitization platform GenTwo links to all Coinbase assets

01/14/2023
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2023 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact
No Result
View All Result

© 2016 - 2023 CryptoNinjas Disclosures | Privacy Policy