Meet Coti: The Blockchain Protocol That Restores Trust in the Payments Ecosystem

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Blockchain technology has the potential to practically revolutionize every industry that identifies with the internet. However, the one that is so far experiencing the most impact from the emerging technology is the financial solutions industry. This might be because it is the most common value transfer system and blockchain being the backbone of the Internet of Value (IoT) is inevitably the solution to run to.

A necessary disruption

Several reasons have been identified to have made it necessary for blockchain intervention especially in the payments and remittance industry. According to the Nilson Report, payment card fraud losses is expected to reach a global figure of $32.96 Billion by 2021. This reason for this is not far from the rampant exposure of payment systems and the numerous middlemen involved in the existing transaction processes. Besides fraud, the various fees charged by each of these middlemen also make the cost of these transactions much higher than they should be.

Although electronic payment systems have been around for a while, the attention that it attracts recently stems from the significant growth that the industry has experienced over the recent years. The Mckinsey report reveals that the global payment industry is expected to reach a revenue of $2.3 Trillion in 2018 and account for 43 percent of all banking services revenue. This is indeed some significant volume. Coupled with the industrial deficiencies as mentioned above, it is expedient to find more efficient systems that would restore confidence in the ecosystem of value transfer.

The pain of intermediaries

The emergence of blockchain technology has not only exposed a lot of the weaknesses that exist within the traditional systems. A much pronounced exposure is the role played by middlemen. These middlemen, although never the actual principals during transactions and transfer processes, end up placing themselves so strategically that they eventually control the systems. Therefore, no matter the value that anyone proposes, they most often remain at the mercy of these intermediaries.

Unfortunately, despite the genuine and positive services rendered by these middlemen, the consequences that come with the vices to which users are exposed are sometimes unbearable. These vices, some of which are mentioned above are responsible for the diminishing trust level in the existing systems. However, emerging technologies are set to redefine the ecosystem and restore sanity.

A trusted protocol

COTI tech company, by creating a base protocol called Trustchain introduces a behavioral trust scoring algorithm and a decentralized POS method to resolve disputes between network parties. This automatically eliminates the unsure practices of untrusted middlemen, as the entire transaction processes will be based on this protocol. The COTI platform is robust, with a full payments ecosystem consisting of a Coin, a wallet, a debit card and an exchange.

Having completed a functional partnership with, COTI launches into the market with an established base that grants access to 10,000 merchants. COTI’s team of experts includes team includes top management and R&D talent, veterans of the financial industry and Blockchain experts. The team of advisors and backers includes Greg Kidd (early investor in Twitter, Square, Coinbase, Ripple), Mr. Steven Heilbron (former CEO of Investec bank), Dr. Matthew Mcbrady (former CIO of Blackrock), founders of and other reputable individuals.

Blockchain is a trustless system that decentralized control, making it impossible for undue imposition from any particular entity. Considering the size and developments going on in the financial solutions industry, especially with payment processes, it is obvious that the current systems aren’t sustainable in future days. Among other emerging developments on the blockchain, the COTI protocol is indeed a forward movement towards a more sanitized payments industry.

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Tom Clancy
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