What problems does the blockchain solve?

27 Sep 2022

Blockchain has been applied in many social fields to develop services and processes. Different versions of blockchain are used in distinguished industries. For example, blockchain 1.0 is mostly known as a cryptocurrency like Bitcoin, or Ethereum. Blockchain 2.0 solves the time-consuming process with digital financial contracts and financial applications. Thirdly, blockchain 3.0 solves the supervising issues in various sections like medical, education, and e-commerce thanks to the monitoring and management program

Blockchain solves the loss of data issues, instead of all the data being saved as one specific domain system, it is now dispersed, which means data is saved on every used blockchain-network device. The strength of this storage is that when an earthquake or tsunami happens in an area, data is still active online and promptly recovered. Peer to Peer (P2P) is the operation process of blockchain, in which each participating computer is called a node and has similar functions. The more computers access the blockchain, the lower the percentage of hacking risks that occur.

Moreover, people's use of cryptocurrencies has increased dramatically due to their flexibility, and profitability. Therefore, blockchain technology in payments has appeared to support customers in transactions. PayCEC is one of the most-used blockchain-based payment gateways that offers users a 3-D secured transaction by sending an OTP code to the users' phones. This blockchain digital gateway also customizes payment pages to reach users' expectations. PayCEC blockchain payment technology is compatible with both smart devices and computers. Furthermore, PCI DSS certification is approved for PayCEC thanks to the stable and premium network which is tested monthly by the PCI Security Standards Council (Visa, MasterCard, American Express,...)