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Zoom integrates a cryptocurrency payment solution, while the use of Blockchain technology is still under debate.

As teleworking became popular, video conferencing applications, especially Zoom, exploded, despite many security concerns. On April 21, Zoom had more than 300 million users. surpassing Facebook, Google and a number of other tech giants.

While Zoom can accommodate large groups and requires users to pay to join, Zoom’s support center notes that users may charge a subscription fee for conferences. However, the specifics of how users earn money are still unclear.

Erez Ben Kiki, founder and CEO of 2key Network, shared that the need to integrate payment methods into Zoom meetings became urgent when the Corona virus was raging:

With over 15,000 users on the 2key network, we received a lot of requests to create a product that would allow small and medium business owners to integrate payment management methods directly into their Zoom account. We also wanted to provide an option to enable self-managed referral campaigns built into Zoom sessions.

According to Kiki, receiving payments via PayPal only works when using Zoom’s webinar products, which are exclusive to premium user accounts. Monetization services hosted on Zoom have always been a challenge, as “users will have to pay individually, either via PayPal or wire transfer.”

However, 2key Network has developed a product called SmartSessions that allows Zoom users with a free account to create a cryptocurrency payment gateway for their video sessions. This application connects directly to Zoom’s in-app payment shop and is deployed on the Ethereum Blockchain platform.

The product, which was released last week, has been specifically designed for Zoom users to generate profits from viewers accessing their live-stream sessions.

Why Blockchain?

There are several benefits that a blockchain-based payment system can provide to video conferencing platforms like Zoom. Cryptocurrency payments are easier for individuals who provide professional services on Zoom to avoid restrictions on extra payment costs and bank fees. This is especially useful when attendees come from many different countries.

Currently, SmartSessions allows users to receive payments in Ether (ETH). However, next month, the platform will offer stablecoins including Tether (USDT), Dai (DAI) and TrueUSD (TUSD). Bitcoin (BTC) payments are expected to be added in the next quarter.

SmartSessions works in conjunction with 2key, Ledger or MetaMask e-wallets. Once the user account has been connected to their e-wallet, a smart contract is created to automatically receive all registration fees from the meeting participants. Kiki added:

Account owners can withdraw funds directly from the dashboard to their e-wallet. We are also working to support automatic conversion of cryptocurrencies into stablecoins. Although payments are made via crypto, the barriers to access are also lowered as cryptocurrencies can be purchased directly with a credit card in 2key – 17 fiat currencies are also supported.

In addition, every transaction made on the SmartSessions network is recorded on the Ethereum blockchain, meaning that the information is completely transparent and immutable, allowing users to access their payment history that cannot be altered.

However, while blockchain technology has indeed brought some benefits to video conferencing platforms, challenges remain. For example, Kiki explained that some users are hesitant to accept payments in crypto, even when adopting a credit card solution. He also pointed out that smart contract adoption fees also need to be addressed in the next steps.

See more: Bull market? Bitcoin Indicators Ends 7 Week Record ‘Extreme Fear’

What about security?

According to primexbt trading experts, security issues persist with Blockchain-based solutions. Although SmartSessions creates completely decentralized links to ensure undisturbed video calls. However, decentralization alone is not enough!

Reuben Yap, project manager of privacy-focused cryptocurrency Zcoin (XZC), argues that decentralization does not necessarily provide secure methods of communication:

The main benefit of Blockchain is that there is no central authority. This alone does not benefit secure communications, which is the main problem facing Zoom. The main problems are scalable end-to-end encryption, which is inherently difficult to do.