Followed by the internet, the block chain technology lying beneath the crypto currencies are considered to be the next big thing. The term blockchain technology alludes to the detailed financial transaction history. The transactions are not particularly centred so that every individual has a track of their transactions.
As for the conventional payment mechanisms where contracts are signed when a particular criterion is achieved and validated by the central authority. In blockchain transactions, the contracts are saved in a public ledger surpassing the middlemen to finish up the settlement between the two parties neatly in a very short duration of time.
Blockchain technology has enabled a real-time payment mechanism that can offer cost-effective methods for many financial intermediaries who often look upon the central authority for clearing and settlement. Distributed ledger mechanism results in inordinate postponement in settling transactions and consequently leading to client dissatisfaction which could be used as a driving force to address the new technology solutions which can have better ideologies to discard these issues.
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