coindesk.com / YPublished on July 16, 2015 at 10:00 BST
Payment processor Bitnet has launched an ‘Instant Approval’ service, reducing the delays faced by merchants as they wait for bitcoin transactions to be confirmed on the blockchain.
With its new product, merchants integrated with Bitnet’s payment solution will receive funds “within seconds”, avoiding the usual wait for between two and six transaction confirmations on the blockchain.
The service works by calculating the probability of whether a bitcoin transaction will ultimately confirm on the blockchain.
Despite having partnered with BlockCypher – a bitcoin technology firm which provides blockchain optimisation services – Bitnet will also carry out its own risk mitigation procedures; including investigating whether the consumer has included fees in the transaction and noting how quickly it is being propagated through the bitcoin network.