Why More People Will Use Blockchain-Based Payment Platforms Over Banks?

The business climate today has adapted the virtual world where start-ups are now seen as the best form of entrepreneurship. Truly one can see how our society values the internet from shopping to booking travels to transacting business today.

Now that we have seen the benefits of the online community (faster and flexible public space), it is believed that this is the time to start building digital currencies, such as the cryptocurrency, in an online commercialized structure.

boldBlockchain to Payment

UTRUST, a fine-tech solutions company, is on the verge of making cryptocurrency payments a norm. With its new PayPal-like platform, the UTRUST payment solution ensures that the interests of both users and merchants are protected. They have created one of the first cryptocurrency payments processing that built in consumer protection features.

The implementation of Blockchain technology enables UTRUST to offer an extensive benefits for users including lower buyer purchase risk, low exchange fees, support for multiple cryptocurrencies and a decentralized UTRUST token with its value linked to the platforms projected growth.

Blockchain technology, which is the backbone of Bitcoin, is considered to be one of the hottest and most intriguing digital tools in the market. Similar to the rising of the internet, Google searches for Blockchain have risen 1900%. The Blockchain has the potential to truly disrupt multiple industries and make transactions more efficient, secure and transparent. Startup companies, the government, world organizations, investors and entrepreneurs have all identified the Blockchain as a revolutionized technology.

boldBenefits of Blockchain Payments

Every business needs to transact with money but with the Blockchain technology, the value of currencies can be taken one step further and can break the bounds of technology. Here are the three advantages of Blockchain: Immutable Transactions, Trustless Networks and New Algorithm Regulations.

boldImmutable Transactions
Immutability transactions mean that the transactions are irreversible and permanent. It is impossible to hack with the records because the Blockchain is a decentralized technology. This means that in order for a hacker to hack the system, he needs to go over a million computers to be successful. Users are also in control of all their information and transactions.

Moreover, the Blockchain data is complete, consistent, timely, accurate and widely available. The efficiency of this technology cannot be questioned by anyone. Due to the decentralized networks, Blockchain does not have a central point of failure and is better able to withstand malicious attacks.

boldTrustless Networks
As a trustless network, no person has the ability to make significant changes within the system. More so, two parties are able to make an exchange without the oversight or intermediation of a third party, strongly reducing or even eliminating counterparty risk.

boldAlgorithm Regulations
The Blockchain technology not only transforming banks but also adapts bank regulation and supervision. It will enable banks to track the progressive history of every transaction on their systems to ensure that the origin, ultimate destination and use of fund is traceable and clear.

Truly, Blockchain is leading the way for a wave of tech-based financial innovation. It will take time for institutions to fully account for the benefits of the Blockchain but only few can sit on the sidelines as this technology can positively change how we do payment.