In the modern era, people tend to leave their native house for educational and employment magnification, and a smoother exposure to better systems. But the stark reality is different from what we all imagine. Things aren't as smooth as should be especially when it comes to money matters.
At the commencement of every month , an aura of restlessness sets in you happen to transfer money to bank accounts. The Bank authorities due to their lagging approach often cause a delay of 3-4 days for the transaction to get completed and in today's world, even a delay of one day in educational emoluments can bring in havoc. Therefore, the advent of cryptocurrency and blockchain technology is manifested as a boon to the modern financial services as consumers can not only be relieved about the faster transactions but also the security system devoid of any kinds of fraudulent activities.
Blockchain Technology is a payment method that empowers buyers to pay with cryptocurrencies while providing a breath-taking purchase protection system. This innovative tech-based payment process is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. Originally devised for the digital currency ,Bitcoin, the tech community is now finding other potential uses for the technology.
Bitcoin has been called “digital gold,” and for a good reason. Now questions might arise regarding its usage. As its said, blockchain technology defies the traditional intermediary policy of banks, we can send money and soon any form of digitized value – from stocks and bonds to intellectual property, art, music and even votes – directly and safely between us without going through a bank, a credit-card company, PayPal or Western Union, social network, government or other middleman and the process is free from complexities :
• When a transaction is to be made, the sender needs to pay through any major cryptocurrency, such as bitcoin.
• Funds are converted into Fiat currency immediately to prevent the seller from market turbulence or any other security distortion.
• Miners holds the funds and releases it to the recipient, adjusted on the basis of performance based timeframe.
• The recipient receives the money order in Fiat Currency and can withdraw it , keep it in his wallet or even convert it to cryptocurrency.
To summarize this mechanism, nobody acts as an intermediary between the sender and the recipient; i.e.- they transfer funds directly. The authority in-charge of validating the transaction can only view the data relating to the code of transaction and not the consumer's or the seller's personal data. Therefore, a privacy is maintained along with pre-eminent security mechanism and swift transactions.
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