Blockchain
Transparency, Authenticity, and Permanence - through cryptography and decentralization.
As we increasingly exchange digital assets - whether it's money, data, or even ownership of virtual goods - the need for reliable, trusted mechanisms to facilitate these exchanges becomes paramount. In the digital world, we don't have the same physical assurances that we do with face-to-face transactions, and traditional intermediaries like banks or brokers are often slow, expensive, and prone to centralized control.
Blockchain technology provides a solution by offering a decentralized, transparent, and secure way to record transactions. Its distributed nature ensures that no single party has the power to manipulate or alter records, while its transparent and permanent design allows all participants to independently verify the authenticity of transactions, creating a new standard of trust in digital exchanges.
Key benefits include better protection against fraud, faster transactions, and lower costs. Blockchain also allows for smart contracts - automated agreements that make digital transactions more reliable and efficient.
TAP uses blockchain technology to ensure Transparency, Authenticity, and Permanence. By recording all TAP token transactions on a decentralized ledger, businesses, transit agencies, and consumers can verify transactions, preventing fraud and ensuring fairness.
There are many blockchain networks available today - the most well known being Bitcoin. Each blockchain is designed with unique features to serve different purposes. Some prioritize security and decentralization, while others focus on speed, scalability, or low transaction costs. Factors like energy efficiency, transaction finality, and smart contract capabilities also play a key role in choosing the right blockchain for a given use case.
After evaluating all of the available options, TAP chose Algorand for its fast transaction speeds, low fees, security and reliability as well as its environmentally friendly design - ensuring a seamless and sustainable experience for TAP users.
Algorand was created in 2017 by Prof. Silvio Micali, an award-winning computer scientist from MIT. He wanted to build a faster, fairer, and more energy-efficient blockchain that anyone could use. Unlike older blockchains, Algorand was designed to handle lots of transactions quickly and securely without high costs or wasting energy. Since its launch, it has been used for payments, digital assets, and financial applications around the world.
