GAP600 Underwriting & Real-Time BTC tx confirmation

August 28, 2016 - by Gap600 - in Articles

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UNDERWRITING AND REAL-TIME CONFIRMATION FOR BITCOIN TRANSACTIONS

Overview

In today’s marketplace where real-time verification is standard, the ten-minute minimum
required for a bitcoin transaction to be added to the block chain is not feasible for many
industries and companies. The delayed confirmation, combined with the possibility of
transactions becoming unconfirmed with blocks being replaced, has a negative impact on
both customer service and business risk. GAP600 offer a free trial of service which can be 
done via API or a web interface.

By immediately confirming bitcoin transactions even before they reach the block chain,
GAP600 bridges the time gap from the published transaction on the bitcoin network to the
moment it joins the block chain. G6 – GAP600’s proprietary real-time risk engine – analyzes
and performs risk scoring for each transaction in real-time based on highly connected nodes
within the bitcoin network. Once the G6 system confirms a transaction, GAP600 will then
guarantee that transaction, for all cases. Even if double- spend, expiration, or other fraud
prevents the transaction from reaching the block chain, GAP600 will reimburse the resultant
bitcoin loss. This risk-mitigating service provides added value to a range of transactional and
commercial environments.

Key Advantages

Immediate confirmation of bitcoin transactions even before they reach the block chain

Mitigation of transaction and treasury risk for unconfirmed transactions

Transactions guaranteed against double-spend or fraud

GAP600 Transaction Flow

Key Features

Proprietary real-time risk engine for analysis and realtime confirmation of bitcoin transactions

Financial guarantee of service – insuring the unconfirmed transactions

Clearance time meets standards of Payment Service Providers

Further enables bitcoin’s adoption as a payment service

Immediate bitcoin payment confirmation

The bitcoin algorithm – through the proof of work and block-addition mechanism
– requires a number of blocks to be confirmed in order for a transaction to be
considered confirmed. This process requires a minimum of 10 minutes. GAP600
bridges this gap by providing real-time and guaranteed confirmation of bitcoin
transactions. This enables payment gateways, ATM machines, wallet providers and
other bitcoin companies/recipients to clear unconfirmed transactions effectively,
enabling industry-standard transaction confirmation.

Insurance for bitcoin transactions

Transactions confirmed by GAP600 effectively reduce the transactional risk
involved with supplying goods or services before confirmation by the bitcoin
network. Real-time bitcoin confirmations also offer a positive customer experience
to users in the retail environment or at a bitcoin ATM/teller. GAP600 reduces
treasury risk by enabling the recognition of bitcoin deposits before the transaction
reaches the block chain, benefiting bitcoin/fiat exchange hedging, and deposit
confirmation.

Multiple risk level subscriptions

Clients can subscribe to varying levels of unconfirmed bitcoin transaction exposure
that GAP600 will guarantee. Subscriptions take into account the total exposure
of all open transactions and the maximum exposure per specific transaction. As
transactions are included within a published block and further subsequent blocks
published, the exposure is adjusted accordingly.

About Us

Gap600 is comprised of a team of experienced individuals in the field of online
financial infrastructure development, payment/online fraud detection, as well
as sales and marketing support. The team includes professional statisticians
skilled in building real-time risk engines that model transactional, credit card and
online fraud, as well as network engineers and software developers proficient
at constructing financial grade trading platforms and Telco integrated payment
environments.

Additional Features

Tier 1 cloud infrastructure

Reliable financial grade software

Full SLA

API-based interaction with service

Contact us for a free trial

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