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Will it be possible that if Blockchain Technology can remould Global Payments System?

Payments are synonymous with a transaction that is guaranteed by a central authority which can be a bank, a payment wallet or an escrow service. Keeping the chronological timeline under consideration blockchain happens to be at the helm of technological advancement in the financial domain. 

A block is the ‘current’ part of a blockchain, which records some or all of the recent transactions. Once completed, a block goes into the blockchain as a permanent database. Each time a block gets completed, a new one is generated.

“Blockchain technology continues to redefine not only how the exchange sector operates, but the global financial economy as a whole.”

The core value of a blockchain is that it enables a database to be directly shared without a central administrator. Rather than having some centralized application logic, blockchain transactions have their own proof of validity and authorization to enforce the constraints. Hence, with the blockchain acting as a consensus mechanism to ensure the nodes stay in sync, transaction have their own proof of validity and authorization to enforce the constraints. Hence, with the blockchain acting as a consensus mechanism to ensure the nodes stay in sync, transactions can be verified and processed independently.

OTHER ADVANTAGES ARE :

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Because of the nature of blockchains, it will always be slower than centralized databases. When a transaction is being processed, a blockchain has to do all the same things just like a regular database does, but it carries three additional burdens as well.

Other disadvantages are:
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Bitcoin—The world's best boost to a brand

The debate may continue to rage over whether bitcoin is a viable alternative to the dollar or just a not
Ponzi scheme, but there's no denying of its ability to boost a brand's awareness.

 Bitcoin is a "virtual" currency that allows users to exchange online credits for goods and services. While there is no central bank that issues them, bitcoins can be created online by using a computer to complete difficult tasks, a process known as mining.

Comments

  1. Thank You! Nice Blig!!
    Blockchain Development Services and Artificial Intelligence Services works in sync to integrate the smart logic into every bit of data. Hyperledger Blockchain Development enables blockchain for businesses in Canada whereas Ethereum Blockchain Platform provides solutions to local communities and global enterprises.

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