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Keynote: The future of Micropayments with Hedera Hashgraph | Hedera18


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Patrick Harding | SVP of Product | Hedera Hashgraph
Jon West | VP of Blockchain Engineering | Thomson Reuters

Patrick Harding, SVP of Product at Hedera Hashgraph, and Jon West, VP of Blockchain Engineering at Thomson Reuters, will take the stage to discuss the future of cryptocurrency micropayments, and the tax and accounting requirements to be expected. Patrick will present a brief history of micropayments and how we got to where we are today. He’ll present a live demonstration of in-browser micropayments, using an open source decentralized application and wallet extension built on Hedera Hashgraph. The micropayments dapp was created as a developer example to demonstrate the fundamentals of building a dapp on Hedera Hashgraph, while showcasing the speed and efficiency of Hedera cryptocurrency transactions which enable practical micropayments.

Jon will be discussing how cryptocurrency micropayments will be treated as taxable events, and accounting for them becomes a business requirement. He’ll explain potential ways businesses might treat distributed ledger technologies (DLTs) in relation to traditional ERP software, and how DLTs will revolutionize financial business dealings globally. Jon will conclude his presentation with a real-world example of utilizing DLTs and cryptocurrency micropayments for government tax remittance purposes, leading to reduced costs and improved efficiency for both businesses and governments.

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Keynote: The future of Micropayments with Hedera Hashgraph | Hedera18

  1. 1. Patrick Harding SVP Product
  2. 2. The Future of Micropayments with Hedera Hashgraph
  3. 3. War Games property of MGM and United Artists
  4. 4. "Afewyearsago,usersof internetservicesbegantorealize thatwhenanonlineserviceisfree, you'renotthecustomer. You'retheproduct." 
  5. 5. A Brief History of Micropayments Crypto solutions 2000 IBM Micropayments 20152010200519951990 CyberCoin Millicent iPIN Paypal MicroPayments NetbillFirst Virtual Holdings Digicash
  6. 6. Micropayment Challenges • Support ad hoc payments down to 1/100 of a penny • Fees are a fraction of the actual payment 
 (e.g. 1/1000 penny) • Ultra low latency on transactions (< 3 seconds) • Support very high transaction rates (>100K TPS) • No prior business relationship between parties • User experience must be fast, easy, and intuitive Challenges
  7. 7. Data Monetization New Data Monetization Models • Create entirely new and disruptive business models • Allow interactions that are short-lived and transient - don't justify the setup costs of a long-term subscription model • Remove costly intermediaries • Reduce friction of payment lifecycles • Eliminate collection and float issues
  8. 8. B2C Micropayments B2C Micropayment Opportunity Digital Content Monetization • Purchasing digital assets and services
 e.g. news articles, streaming songs, photos, videos Consumer/Influencer Activity Monetization •Used to reward consumers and influencers
 e.g. watching ads, answering questionnaires, online voting
  9. 9. B2B Micropayment Opportunity •Micropayments for API’s and micro services •Incorporate micropayment into every API request •Allow businesses to monetize data/services in real time •Top line: Alternative to Open & Subscription API business models •Bottom line: Reduces account receivables ‘float’ B2B Micropayments
  10. 10. John West VP, Blockchain Engineering
  11. 11. Flow Diagram Protected Digital Asset BUSINESS 2. Signal cost to user in response 3. Micropayment transaction included 1. User requests access to digital asset 4. Micropayment transaction completed 5. Digital asset shared with user CONSUMER Browser User Wallet Business Wallet B2C Micro Payments
  12. 12. The internet has been missing a decentralized economic layer that enables ad hoc payments Hedera makes it economically viable to send runtime, ad hoc, decentralized micropayments between parties