BlockChain has revolutionized the online system of transactions with the advent of bitcoin as crypto currency instigating the mode of payment for small businesses.
BlockChain is a database which includes the record of all the online bitcoin transactions executed in bitcoin crypto currency. It is the largest public ledger of bitcoin transaction as the chain of blocks added linearly and chronologically with all the recordings, is continuously growing with the passage of time. It revolutionizes modern means of online transaction as the blocks maintaining the history of all the transfer of online currency is not placed randomly. Conversely, all the blocks are interconnected and a new block is generated immediately after completion of previous block.
How does it Work?
Each block is analogous to an individual bank statement maintaining a record all the transactions carried in a course of time by an individual ensuring preservation of information in the database. The most interesting part is the decentralization of bitcoin transaction through block chain. In other words, all the systems which have joined the block chain network are accessible and these nodes can observe the transactions of the other blocks as well.
This new platform has instigated the interest of myriad of entrepreneurs for running their own business projects and startups while monitoring the finance on their own instead of any bank, government body and financial institution. This mode of transfer restricted and provides the advantage of transferring the cryptocurrency at a much fast pace compared with transferring the amount with bank transfer or wire transfer. Secondly, when a financial transaction involves multiple banks within an international bank transfer, it would result in multiple deductions in the form of bank processing fee which would consequently make such transfer quite expensive. However, that is not the case with blockchain which ensures that the two parties involved within a bitcoin transfer are directly connected during the transaction. Therefore, there will be no fee deducted for providing benefit to the processor and your funds can be transferred across borders without
What are its Benefits?
- Physical currencies are always vulnerable to alteration and erasure resulting into a serious loss of funds which is not the case if the currency is digital as bitcoin.
- In addition, blockchain also provides an opportunity to commence with your own business as different contracts are also offered for the ownership of a property. Besides, coupons are provided to customers to earn credit points with each transaction thus increasing their funds in the course of time.
- The digital currency in blockchain is globally accepted. In other words, it will be accepted in every market instead of getting your funds converted into a specific currency consequently facing multiple charges of conversion.
- As each transaction on blockchain has to be verified, there is a negligible chance of any dispute arising from a transaction. Thus blockchain is as safe as cash in the transfer of funds. Keeping in view all these factors, a blockchain wallet is the last step and you can start your own project keeping a rigorous eye on all the transaction without the interference of any third party deducting your funds in the name of processing fee.
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The author of this blog is Bella Liam. She works as an expert on Information Technology at Cheap Essays Help in London.You can also follow her at Facebook and Twitter.