What is Blockchain technology and Blockchain Payment?

Blockchain Payments

What is Blockchain technology and Blockchain Payment by Cryptogetpay.

Today most people in the financial sector have an idea about emerging technologies in the digital market such as Bitcoin and other Altcoins within the jurisdiction of cryptocurrencies. The entire concept is based on a blockchain payment technology, which refers to a distributed and digital transactions ledger. All users on the blockchain can access, review old entries and add new ones. The transaction records are grouped into the chain of blocks hence known as "Blockchain” The blocks are linked together and protected by cryptography in such a way that they cannot be forged or destroyed. This makes the ledger to be trusted, yet it does not have a control authority ‘middleman.’ overseeing the activities.

How does payment happen on Blockchain?

Majority of us could have heard about Blockchain payment but very few fully understand how it functions. In simple words, it can be related as a virtual Lego. It is a mare set of blocks that are connected to form a chain when a new transaction happens. The records are irreversible, unchangeable and can never be manipulated in any manner once it has been formed. Since the blockchain payment is decentralized it becomes an ideal platform on which financial transactions occur.

New Blockchain Payment Innovations

Blockchain payments improve security and the speed of transactions and reduce the cost of transferring digital currency from one party to another. Financial companies are in the fore-front to incorporate Blockchain technology into their systems through Cross-border payments. This innovation is used on Blockchain payments especially when the parties transacting money are in different countries. The money will take place in a number of currencies , making the banking transaction process less costly and less time-consuming. Using services such as Western Union are really slow and very costly. Blockchain technology does away with third parties and facilitates a direct transfer of Bitcoin and several other Altcoins such as Ethereum. The transfer of fiat money will be always expensive and a slow process. This is a true factor for cross-border payments, especially international transfers. Blockchain technology is 1000% faster with a simple process that reduces the costs and risk significantly.

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