MXC Foundation released the M2M Payment Mechanism for machine-to-machine payments, creating the first autonomous blockchain connected payment system for wireless devices.
The MXC Foundation, widely known for its integrated Blockchain partnerships with the Chinese government in Shanghai as well as China’s version of Amazon, “JD.com”, released today the M2M Payments Mechanism, a revolutionary way to automate payments between machines. The M2M Payment Mechanism cleverly enables devices to autonomously process financial transactions within seconds, providing a state-of-the-art device payment mechanism and laying the foundation for automated payments between wireless devices.
“At MXC we’re building a world where literally anyone is able to financially benefit from data, providing Smart City Networks and Device Data connectivity, we’re standing on the verge of the next global data movement,” said Aaron Wagener, co-founder of the MXC Foundation. “This M2M Payment Mechanism is the first step towards building the world’s fastest IoT blockchain machine payment platform.”
The M2M Payments Mechanism allows for rapid transactions between devices. This makes it possible for a wireless sensor to autonomously pay for network access without requiring oversight or authorization from the company owning it. If it has data to send, it will pay for the access needed to send this data.
As part of the mechanism, device owners will have the option to subscribe various LPWAN sensors to third-party LPWAN Gateways. This creates a whole new level of mobility among LoRaWAN sensors while providing multiple failover options to ensure the steady and reliable transmission of the collected data.
Corporate partners also benefit from the MXC M2M Payments Mechanism. Part of this software release adds the tools needed for corporate adoption of the MXProtocol; including transaction history, low balance warnings, device subscription management and the ability to generate invoices.
MXC’s M2M Payments Mechanism integrates flawlessly with the AXS Wallet, providing a single dashboard from which to manage both MXC and MXC earnings from MXProtocol enabled LPWAN devices, providing a mechanism to profit from the devices of this world. Anyone wishing to contribute to, or view the code behind MXC M2M Payments Mechanism can find it in the open-source MXC Foundation GitHub repository.
The MXC Foundation is a purpose-built Blockchain Foundation, based in Berlin. Its mission is to inspire fast, efficient, decentralized data exchanges using LPWAN and Blockchain technology. MXC is currently working on projects in New York City, South Korea, and Shanghai.