03 Oct 2022 By PAYCEC
For the sake of clarity, PayCEC will walk you through a simple example that will also illustrate what a blockchain payment is:
When you want to make a payment, you have to go to a bank, which acts as an intermediary between you and the recipient to validate the transaction. The problem with centralized banking systems is that the Federal Reserve controls the money, not the general public.
Meanwhile, blockchain payments strip out third parties by leveraging distributed ledger technology, thereby lowering the costs of each payment. This technology does not require a central server or database but computers that hold a copy of the blockchain (also known as nodes).
The goal of blockchain is to give people total control over their own money rather than rely on governments. In other words, blockchain payments are decentralized.
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