Blockchain: a backbone solution for cashless society

March 9, 2018

Blockchain is set to change the way we handle money. Blockchain payment trend is gaining traction, bringing a revolution in the payment industry. Being reliable and secure are the fascinating facets making much hype surrounding blockchain. Without human interaction involve in transaction processing with a computer making decisions there is no element of fraudulent activities.  The cashless payment solution that will protect buyers and sellers lies in blockchain potential.

Hyper-secure; Blockchain most preferred feature

Blockchain is being an immutable record book keeps a record of all transactions made on the system making it a incredible tool for financial services.  With regard to payments, blockchain developments are creating new ways for people to pay for their transactions.

Bank transfers and settlement of payments takes three days to weeks, under blockchain-based payment verification systems secured by multisignature technology take less than 10 minutes, while guaranteeing top-tier security.

Among the appeals of going cashless avoid mishaps like getting money stolen or physically losing bills and coins. Cashless users may also lose their phones but digital wallets are protected by several layers of security including the phone’s security and the app or service’s security measures so their money is kept safe.

Blockchain ushering a cashless revolution economy

This peer-to-peer electronic cash system gets its fair share of detractors, and it become obvious that it is not going to dominate tomorrow’s world. Wire frauds and thefts have raised questions about whether today’s payment processing services are sufficiently secure. The cashless society is creating a big leap towards cryptocurrency because of the advantages of using it – less hassle and more profit than your regular paper bills.

  • Security is improved.Paper bills, metal coins, credit cards and other forms of payment are all susceptible to theft and forgery. Blockchain makes it so much harder to steal money as the old modes of banking will be eradicated.
  • Eliminate the need for banks. You could exchange money without using a centralised server as it is not held in a single location. You do not have to go to a bank to exchange money. It can be done via the banking app on your smartphone or smartwatch.
  • Blockchain saves time.Blockchain payments are almost instant, much faster than traditional payment methods as the system creates a collective network, allowing information to pass through the chain, quickly, efficiently and securely.
  • Blockchain lowers costs.Truly going paperless would be possible with a blockchain – this saves time as well as supplies.
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