Blockchain in Payments

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Blockchain in Payments
blockchainexpert.uk
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• INTRODUCTION

In pursuit of easier and faster transactions,
today many industries are moving towards
blockchain-based business payments. Lot of
initiatives are recurring day after another
across globe in adoption of distributed ledger
technology for making payments. Be it the
Individual banks, Fintech companies, Central
banks or SWIFT, everybody is into experimenting
with blockchain-based payment solutions.
According to studies and surveys, there
witnessed a greater adoption rate in
blockchain-based services for making different
payments. According to the latest report, more
than 200 global banks published by the IBM
Institute for Business Value and The Economist
Intelligence Unit, have introduced themselves
with full-scale commercial blockchain solutions.
And this rising prominence of blockchain-based
payments is none other than the fast, secure,
low-cost international payment processing
services offered by blockchain technology.
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• The encrypted distributed ledgers simply evade
  the need of intermediaries in the business, also
  enhances the real-time verification of
  transactions. In short, blockchain technology
  quenches all the needs of business with regard to
  making payments in their circuit.
• Let us see more vastly.
• Dating back to the history, blockchain was
  initially intended for supporting the digital
  currency bitcoin. However, today the scenario has
  totally changed. Today, there are many
  applications that doesnt require any involvement
  of bitcoin. Today there are many cryptocurrencies
  one better than the other in terms of offerings
  and stability. They never seem compatible with
  each other in terms of their offerings. Be it
  Bitcoin vs Ethereum, or Ethereum vs EOS. Each
  cryptocurrency has its own share of offerings,
  benefitting the businesses in numerous ways.

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Conventional banking is currently considered
obsolete and fairly problematic. The rising
frauds, the increased intervention of
intermediaries, long-delayed processes needless
to say zero transparency in conduct has urged the
consumers and business organizations to look out
elective alternatives for their exchanges and
assets. With blockchain underlining cryptographic
payments, the advantages to business
organizations are far beyond the imagination.
Cryptocurrencies come along with a share of
blockchain benefits such as decentralization and
public ledger. Unlike traditional currencies
circulated by banks, cryptocurrencies never get
clogged for any reason such as bank rules or bank
norms or say cross border regulations. With
cryptocurrencies, the businesses can initiate
quick and secure global transactions. Moreover,
the cryptocurrencies also increase their value
over time without any influence of major players
(politics /capitalism). The banks desire for
higher-level security, faster processing, more
detailed audit information, needless to say, a
good bunch of customer satisfaction can be
derived from blockchain-based payments.
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Better B2B Payments Cross border payments are
always a mess, no matter how big or small is your
pay. The international enterprises and the global
ventures always get pissed between two countrys
regulatory demands. From facing high financial
charges issues by banks to time delays caused
because of the physical distance, there comes
many challenges on the path of cross-border
transactions. However, with blockchain
technology, the organizations can improve their
cross-border payments via triggering more
security, higher exchange speed, and lower
conversion expenses. Moreover, the cryptographic
payments can be additionally upheld with smart
contracts, adding more confidence for the sender
and receiver. Also, blockchain's ledger surpasses
the obsoleteness of traditional banks ledger.
Blockchain triggers for making a solitary, clear
record of payments. The combination of Blockchain
with IoT will further enhance the potential of
blockchain to track payment histories, also
automatically fulfilling invoices and payments.
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Tracking of business operations such as deals and
accounts are the biggest challenge and greatest
hurdle any business face. Fortunately, with
blockchain both these hurdles can be subdued as
blockchain can quicken the account payable and
receivable processes. The immediate ledger
update, moreover the added level of security (no
modifications or alteration can be made in the
block, unless the individual is the participant
of the chain. Even if any data change is made, it
gets immediately notified to other participants,
stringing additional degree of security), makes
blockchain a right-fit solution for insurance,
banks and fintech companies. Because of these
operational advantages, huge foundations, for
example, Mastercard and Visa have been executing
blockchain in their data stockpiling,
cross-border exchanges, and payment framework.
Moreover, the Wallets fueled by blockchain,
store the private keys and public addresses of a
customer, making it easier the accessing assets
on the blockchain. This is not the case of
traditional setup. One has to go through several
steps and hands to reach certain point in seek of
desired asset. However, with blockchain the
access is made simpler. Simply entering the key,
one can get easily accessed to the desired data.

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Also seeing from the perspective of a bank
account, the cryptocurrency wallet doesn't depend
on a solitary money related organization or
institution. Therefore, the wallet users are
freed from the troublesome limitations and
confinements identified with traditional
banking. To conclude, blockchain is indeed a
game-changer for payment-related services. From
faster processing to easier reconciliation,
greater transparency on transaction to fewer
conversion fees, blockchain enables the
businesses to breath freely and confidently. The
blockchain underlying tokens and smart contracts
generate a sense of certainty and transparency
over the conduct, and totally evade the unwanted
interventions of intermediaries like clearing
houses and correspondence banks.
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Click here to read more about Blockchain
in Payments
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