Posera and DLT Labs Announce a Joint Venture to Implement Blockchain Technology
TORONTO, October 20, 2017 – Posera Ltd. (TSX: PAY), a leading provider of software solutions for the hospitality industry, and DLT Labs Inc., a global leader in blockchain solutions for enterprises, today announced a joint venture to deliver Blockchain technology into the hospitality POS ecosystem including developing a real-time transaction and inventory management system.
Blockchain is an electronic ledger that can be shared among disparate users and creates an unchangeable time-stamped record of transactions. Each digital record or transaction in the thread is stored in a block. Because blocks cannot be changed, and augmented by the additional protection of encryption, the data is immutable and inherently secure. Flexible architecture allows either an open or controlled set of users to participate in the electronic ledger. But one of the most powerful attributes of Blockchain is the ability to develop real-time systems that synchronize mass amounts of data.
“As leaders become increasingly aware of the economic and strategic benefits derived from real-time enterprise solutions, there is an industry shift to blockchain-centric systems on the horizon. The potential cost benefits in payment processing are enormous, and we believe the competitive and real-time nature of the hospitality industry will help drive adoption. We are delighted to partner with DLT Labs, an innovator in the Blockchain space, to pioneer real-time solutions in the hospitality and payment industry,” said Akash Sahai, EVP, Strategy and Business Development, Posera.
One example of the benefits, by integrating payment processing on blockchain, all parties in the payment processing ecosystem (merchants, processors, suppliers, and ISVs) will have access to the transaction data in a secure and real-time environment. This will not only decrease exorbitant systems expenses, but enables an entirely new generation of real-time analytics solutions. As another example, the partnership with DLT Labs will allow Posera’s SecureTablePay® pay-at-the-table solution to accept crypto-currency, making Posera a pioneer in the process of accepting crypto payments in the hospitality industry. SecureTablePay is now live in the market in the USA, certified with three major payment processors and available across the country.
“DLT Labs recognizes both the technical strength and domain expertise at Posera which will help us both accelerate this innovative development and quickly bring to market an exciting Blockchain development initiative,” said Neeraj Srivastava, Founder and CTO, DLT Labs. “The adoption of Distributed Ledger Technology is in its infancy, and we believe it is particularly suited to the demands of the hospitality industry, and more broadly throughout the payment industry, and we are extremely pleased to be working with Posera and their SecureTablePay solution,” added Srivastava.
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