Friday, 21 Oct, 2022
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With the abilities of transparent data sharing, memory saving, and high security, blockchain technology has become the trend of usage, which is applied in various sections to digitize data and services. Blockchain technology in payments and services has been developed to facilitate users to shop, transfer, and participate in a program or services from everywhere in the world via online networks with high-security environments. This article will demonstrate the information on blockchain definitions, its operation, and how blockchain technology is used in services and especially blockchain-based payment gateway.
Blockchain payment network is on its way to expand globally.
Blockchain technology is the algorithm that delivers consumers’ data safely through a complicated and encrypted system which is similar to a company’s accounting ledger, where the budget is supervised strictly and the transaction is recorded detailedly. Therefore, this technology is utilized to design blockchain payment gateway.
Each block contains information about time, and created date, and is linked to the previous block along with a time code and blockchain transaction data. Approved data on the system can not be modified due to cheating or stealing data functions.
Blockchain technology is operated based on a variety of codes and algorithms.
Every blockchain transaction is generated based on the 3 high-class techniques. These techniques require a complicated coding process to guarantee safety and sustainability.
Blockchain technology is applied in monitoring apps and digital payment.
Blockchain 1.0 could be defined as the cryptocurrency and blockchain-based payment gateway including transfer activity, and crypto conversion via an exchange or a payment processor. This is the most familiar section of blockchain that sometimes users misunderstand that Bitcoin and blockchain are the same.
Blockchain 2.0 is used to build up financial processors or digital banking contracts. The assets of blockchain 2.0 include shares, checks, debts, and anything related to an agreement or contract.
Blockchain 3.0 is applied in many fields such as education, healthcare, and government systems to generate monitoring and supervised programs.
Blockchain technology is safe to make digital payment or transfer processes on crypto exchange.
Blockchain algorithms contain special values to serve the transaction process. These special characteristics of blockchain technology are listed below:
|Blockchain can not be counterfeit and sabotaged: according to the hypothesis, only quantum computers are qualified to solve blockchain code, and blockchain technology could only disappear when there are no computers that exist in the world. This is the reason why this technology is accepted as a payment method via blockchain payment gateways.|
|Immutability: blockchain data is not able to modify and is saved eternally.|
|Classification: Blockchain data and information is dispersed and stored in a highly secured environment.|
|Transparency: Every user is permitted to monitor blockchain data and analyze transaction history on various computer addresses.|
|Smart digital contract: blockchain technology could be used to embed the condition codes if-this-then-that (IFTTT) to automatically operate contracts without third parties.|
Blockchain technology is transformed in 3 steps
International Business Machines (IBM), New York, which is a multinational computer technology, published the process of blockchain as below:
Step 1: Each transaction is recognized as a "block" of data.
These transactions demonstrate the progression of an asset, which can be tangible (a product) or intangible (a service). The data block can store any information about consumers including who, what, when, where, how much, and even the requirement — for instance, the percentage of sugar in a beverage.
Step 2: Each block is associated with the previous block and the following block.
As an asset moves from one location to another or ownership is transferred, these blocks form a data chain. The blocks confirm the exact time and sequence of transactions, and they are securely linked together to prevent any block from being altered or inserted between two existing blocks.
Step 3: Transactions are connected in an immutable chain called a blockchain.
Each additional block strengthens the previous block's verification and thus the entire blockchain. This makes the blockchain tamper-evident, providing the critical strength of immutability. This eliminates the possibility of tampering by a malicious actor — and creates a trusted ledger of transactions for you and other network members.
Blockchain-based payment gateway is a credible method to proceed international transactions.
Blockchain digital payments support banks in international transactions. In the past, not only is an international transaction processed within 5 working days but also if users transfer money on the weekend, it takes nearly 7 days to complete the payment due to the day off.
The appearance of blockchain offers the optimization of budget and time-saving for both buyers and sellers. Blockchain replaces almost intermediate elements to complete the payment instantly.
For instance, Fintech Ripple is a collaboration program between banks in Germany and Canada. The program allows consumers to exchange currency units online and pay the bills internationally in just 10 seconds.
Know-your-customer function (KYC) is a costly service for banks. It costs around 40 to 300 million EURO to verify customer profiles every year. However, with blockchain technology, banks and entrepreneurs could save their budget on this feature. Customers will upload their ID cards to the blockchain system so that the service provider can easily check and verify them.
In addition, sellers and buyers do not trust each other via a commercial platform, so they select to work together through a bank service. Blockchain could solve that problem by providing smart contract features, and digital payment gateways.
Last but not least, a blockchain-based payment gateway is established to support businessmen in the payment process. One of the most-used blockchain payment processors is PayCEC. PayCEC is a fast and secure digital payment platform that allows merchants to operate their transactions internationally in a few seconds. PayCEC offers a classified 3-D process by sending an OTP code to users before any transfer. The customized display of the digital payment gateway is made following sellers’ briefs to match their brand’s key visuals. All the transferred data is stored in a highly secured environment of encrypted algorithms.
PayCEC is fully certified with PCI DSS , the highest certification of the PCI Security Standards organization (Visa, MasterCard, American Express) that requires the gateway to be tested and upgraded functions monthly. PayCEC enhances business outcomes by providing a business management page for merchants to monitor their deals, date and time, and income,... Lastly, a 24/7 premium support team is available to listen to and resolve any issues during the PayCEC experience.
Blockchain technology will be utilized in different industries to digitize data.
Blockchain has grown rapidly in diverse industries. Specifically, a Trend Insight Report from research company Gartner has evaluated the results:
In 2022, 10% of companies will transform their business results positively by using blockchain. There will be one blockchain-based enterprise system that achieves $10 billion thanks to the pioneering.
In 2026, business trends will focus on using blockchain technology, this circumstance makes the blockchain raise its value to $360 billion and this figure is expected to be more than $3.1 trillion in 2030.
To conclude, this article has explained transparently about blockchain technology. The readers might remember the features of blockchain: high security, immutability, sustainability; its applications: banking, education, healthcare, blockchain technology in payments; and how it works rather than understand its complicated structures, and codes.
PayCEC was established in response to the growing need of businesses to accept online payments more quickly and easily. In the new media era, our payment gateway has evolved to work seamlessly and effectively across all platforms and devices. We pride ourselves on combining superior technology with first-class customer service.
PayCEC is a truly global payments platform that not only allows customers to get paid but also withdraws funds to their business accounts in various currencies.
We have created an open and secure payments ecosystem that people and businesses choose to securely transact with each other online and on mobile devices.
We are honored to serve as your reliable business partner and financial service provider in the industry and other business-related services. With the help of our professional staff, to help merchants to achieve their goals for the development and expansion of the international business market.
Our payment flow has developed in the e-commerce world to perform seamlessly and effectively across all platforms and devices. We take pleasure in combining technology with customer service, to solve your concerns at the moment.
PayCEC is a fully worldwide payment network that not only allows merchants to be paid immediately and securely, but also allows them to withdraw money in multiple currencies to their company accounts.