I’m convinced that Nash is an innovative company that is demonstrating the practicality of decentralized finance. Nash launched decentralized API Keys based on sMPC to take the security of traders to a new level. As i understand, sMPC is a broad subject with countless use cases in finance covering security, convenience, privacy and system scalability. Here i will explain my imaginations of sMPC and decentralized API keys for Nash Pay in an enterprise (multi-national) context.
Problems
- Payment authorization at different geographical corporate branches is normally limited to a certain number (or single) local executive. This can lead to corrupt & misuse of company funds.
- Manual Payments. We assume that international service companies are busy and make purchases frequently. Consider the food (restaurant) industry where stocks for perishables are replenished frequently and that equals to payment frequency and for a company that operates internationally this is a complex task. Other conglomerates have better solutions to handle this, but their systems are centralized.
- Worker’s salary disbursement. Companies usually use bank (/3rd) solutions to pay their employees and they are charged a fee. But here we have an opportunity for a company to hold it’s funds and configure it’s own payment system. These systems are not yet trustless nor decentralized enough.
- Problems are plenty. You can add more.
Nash Pay + Decentralized API keys + sMPC + Smart Contracts
Together, lets imagine a modern solution using Nash tools. (P1=Problem 1 Solution)
P1. With decentralized API Keys, a company can give each branch or department an API Key for payments execution with authority from senior executives. Here everything will be transparent, organisational/departmental spending can be managed and if funds are channeled to an unknown address they can be stopped.
P2. I’m inspired by Coinjoin. Nash Pay can facilitate several payment batches from a single account to different merchants at once, instantly and as frequent as possible with out losing authority from senior executives. If possible, maybe Nash Pay could be integrated to vendor managed inventory systems where payments could be automatically triggered upon delivery of new stock using smart contracts (pull payment).
P3. Nash Pay can execute payments to employees using pre-determined information like name, location (country) branch, currency, amount, date to release funds etc.
To sum up, i’m dreaming of a certain kind of Nash Pay where a global company is using a single account as a source of funds, hand all its departments / international branches API keys for payments with pre-determined uses, spending level, automatic bill payment tools and batch payment capabilities. Conversion of currency can be handled by the matching engine to satisfy each merchant/employee’s currency requirements. Happy to be corrected on any concept that is not practical in a decentralized context. Happy Nash User