Technology

3 Ways In Which Blockchain Technology is Transforming the Way We Pay

September 23, 2022

Blockchain is simply a distributed ledger, or a record of transactions, which is shared by a network of participants. Like an immutable record book which keeps a record of all transactions made on the system.

You might want to take Blockchain as a technical jargon and leave it to its sake. But you ought not take Blockchain as a technical jargon that you won’t understand. It has a crucial role to play as it is finding its way through your payment solutions and helping the world go cashless. All that you deploy to pay others daily, are cashless payment technologies like physical cards, online gateways, mobile apps, and digital wallets.

Apart from this, Blockchain-enabled payments and cryptocurrencies are on the rise that may cover a big proportion of money market very soon. All the methods stated above have a varying rate of adoption but it is for sure that every day more people are willing to go cashless. With the sky touching demand, there should be an equivalent supply but the number of cryptocurrencies issued is limited and records of which are public.

For those who are new to the concept, ‘Blockchain is simply a distributed ledger, or a record of transactions, which is shared by a network of participants. Like an immutable record book which keeps a record of all transactions made on the system.’

 

Cryptocurrency

Cryptocurrencies have emerged to challenge fiat currencies. A Bitcoin today is worth $16702 approx, which clearly shows it has cast a major impact on the market in less than a decade. As more people are acquiring and investing in cryptocurrencies, retailers are warm-heartedly accepting them for payments. The count of countries which are declaring cryptocurrency as legal is growing with time.
 
Major retailers like Marui have started accepting bitcoin for payments which adds on to its worldwide acceptance.

 

Mobile Wallet

Plastic cards are considered as mobile wallets but it isn’t true. Unlike plastic cards, Cryptocurrency backed wallet do not need to get linked to any other account and are easy to use compared to the card funded wallet. Blockchain mobile wallets can serve as a wide platform for managing your money as well. The UK based bitcoin wallet ‘Cryptopay’ offers a mobile wallet that let the user store and manage their bitcoins.

The user can actually send and receive the bitcoin through the account and sell them for other currencies like Euros and Pounds. These are some bold steps and a sign of progressive futurism which in turn will drive mass adoption. As cryptocurrencies are still not mainstreamed, one might find it difficult to find Blockchain wallet and application developers.

Hire Consagous for blockchain application development and Blockchain wallet integration in mobile apps and get the best Blockchain development solutions including Bitcoin Android and iPhone app development.

 

Cross Border Transaction

Blockchain and cryptocurrencies are becoming important mechanisms for remittances and cross-border transactions. Traditional transactions are mostly routed by banks and clearing houses while blockchain transactions happen within the system so transactions get processed quicker.

Given a decentralized and distributed infrastructure, blockchain costs less to manage and run, which allows service providers to charge less. Furthermore, Blockchain transfers can retain their full value in the cryptocurrency they were remitted in. On the contrary, the transfers in fiat currencies are often converted to the destination country’s currency with disadvantageous rates for the receiver.

 

A Blockchain Payment Future

The blockchain is here to stay and transform the way we manage money. Cryptocurrencies are at boom which means that they are the future of the currency market. It only takes one ripple to create a wave and reach significant mass in order to validate a technology. Blockchain holds a true potential to sustain in future and Consagous as a bitcoin wallet app development company have already paced to survive with the future of technologies that are capable of transforming our lives altogether.

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