In a world that thrives on efficiency and convenience, government agencies are continually seeking ways to enhance their services and streamline bureaucratic processes. One significant area of focus is the permitting and licensing processes, which often involve complex procedures and lengthy waiting times.
To address these challenges, governments are increasingly turning to micropayments to make the process more convenient for individuals and businesses seeking approvals. Until today, permitting and licensing procedures often require cumbersome paperwork, in-person visits, and time-consuming wait times. Micropayments are a solution to innovate the way authorities handle approvals.
Improving permitting and licensing for accessibility
Micropayments, as the name suggests, involve small, incremental payments made for specific services or goods. In the context of permitting and licensing, this means breaking down the fees associated with these processes into smaller, more manageable amounts.
Here’s how micropayments are transforming the approval landscape:
- Enhanced accessibility: One of the primary benefits of micropayments in permitting and licensing is increased accessibility. By dividing the overall cost into smaller chunks, individuals and businesses can easily budget for and afford the necessary permits and licenses. This opens up opportunities for startups and small businesses, which may have previously been deterred by the upfront costs of compliance.
- Efficient process flow: Micropayments are closely tied to the progress of the application or licensing process. As individuals or businesses complete each step, they make payments, allowing agencies to track progress accurately. This streamlined flow enhances transparency and accountability within the system, reducing the risk of fraud or mismanagement.
- Digital transformation: Implementing micropayments often goes hand in hand with digital transformation initiatives. Many governments are now offering online platforms that allow applicants to submit documents, track progress, and make payments electronically. This not only simplifies the process for applicants but also reduces administrative overhead for government agencies.
- Improved customer experience: Micropayments contribute to an improved customer experience. Applicants can monitor their progress, receive real-time updates, and have a clear understanding of the costs associated with each stage of the process. This transparency builds trust and enhances the overall perception of government services.
The BSV blockchain is the only globally scaling blockchain for micropayments.
Working with blockchains in the public domain fundamentally has the advantage of eliminating security risks, transparency, and an immutable ledger that is accessible to authorised parties. Micropayments, however, are a feature that only very few blockchains can provide via layer one, i.e. directly via the blockchain.
Currently, the cost of a transaction is about $0.000003, making on-chain transaction costs lower than any other blockchain. Over the main net, the maximum throughput is about 10000 transactions per second. As the BSV blockchain will scale even more efficiently in the future, it’s the only blockchain that is suitable for businesses and governments. This is also helped by the fact that the BSV blockchain is designed to function within existing regulations.
