As the world leans increasingly to more online transactions and business dealings, the blockchain payment becomes more commonplace. The blockchain network is used in numerous platforms worldwide that you could be using it and not even knowing it. Launched back in 2008 by Satoshi Nakamoto, the blockchain platform was the original base for the Bitcoin cryptocurrency. In 12 years, platforms using a blockchain payment have evolved to so much more than one would have first believed.
The Many Uses for A Blockchain Payment
If you are new to the blockchain platform, you may not know of all the different uses for a blockchain payment. One major use would come to many including the cryptocurrency exchange, but there is so much more to explore.
Cryptocurrencies: Most digital cryptocurrencies listed online use the blockchain technology to record and process transactions. 2 of the most popular cryptocurrencies today are Bitcoin and Ethereum which both use a blockchain payment system.
Smart Contracts: Smart contracts are digital contracts that can be executed either in part or full without any human interference. The use of blockchain smart contracts is somewhat debatable with many investors if it will evolve to replace legal entities.
Financial Services: There are some major banking institutions now using blockchain networks for transactions and services. With this advanced technology, clients can utilize a blockchain payment for both cryptocurrencies and fiat currencies within their accounts.
Video Games: Back in 2017, a video game known as CryptoKitties showed the world how to use blockchain technology for gaming purposes.
Supply Chain: Blockchain technology has been implemented with many businesses for supply chain management and logistics. Using the network, a blockchain payment could be made for business supply solutions.
Domain Names: A new way to manage websites is through blockchain technology with domain names. The increased security that blockchain provides for domain users is attractive to many looking for websites free of censorship.
Additional Uses: When exploring other industries around the world, blockchain technology is abundant. From online voting websites to digital ledgers, and even insurance companies make use of a blockchain payment system regularly. Even the tourism and travel industry has jumped on board with blockchain technology.
JCB Making the Move to a Blockchain Payment System
JCB is the largest credit card company in Japan and has recently made headlines by partnering up for blockchain technology. Using TECHFUND’s expertise, JCB aims to build a progressive blockchain payment system. Evolving to suit the growing needs of its clients, JCB recognizes the sustainability and profitability that blockchain can provide.
Are Blockchain Payment Networks the Way of the Future?
Examining the history of blockchain, one could surmise that it will be integrated more into society as technology advances. Even if you are not aware of the underlying network of your online transactions, blockchain payment systems are there.
The versatility and security of blockchain networks make it a feasible solution for many online transactions. There will come a time when consumers won’t make purchases online unless it is through a blockchain payment system. Blockchain serves to ensure their information is secure and gives consumers the confidence they require when dealing online.