Financial technology had seen the most revolutionary change in the year 2009 when the world got to know about Blockchain technology. This is a distributed ledger technology that aims at promoting transactions without the assistance of a third-party. Since our conventional method of transaction relies on third-party, there are a number of challenges like delayed transactions, double spending, costly transaction medium, time-consuming, and data security. All these triggered the demand for a technology that can ensure faster transactions while ensuring cost-effectiveness and reducing the probability of errors.
Here comes the role of Blockchain technology. This revolutionary technology works on a peer-to-peer network where both the parties directly interact with each other without the interference of third-party. Another essential point that makes this technology so popular is because all the data stored on this platform are encrypted cryptographically, thus ensuring complete data safety.
How is Blockchain technology going to impact the digital payment?
We have mentioned above that Blockchain technology is the revolution in the world of finance. The transactions that were done previously using third-party platforms make our data lie astray in the virtual world, and at the same time, it makes it easier for the hackers to attack the on the data easily. This increases the probability of malicious acts like data hacking and phishing. So, what’s the way out?
Well, the solution lies in Blockchain technology. This distributed ledger technology paves the way for a lot of development in the field of financial technology. Its advanced versions like Hyperledger, Corda, Quorum, etc., all provide enterprise solutions for digital payment. These Blockchain platforms are permissioned, unlike the public Blockchain, where anyone could be a part of the network. Thus making it more apprehensive. Comparatively, the advanced version of Blockchain like Hyperldger, and Corda are permissioned, and authorities govern them, thus it offers a blend of decentralization and at the same time the security of information.
Also, digital payments, especially the cross-border payments, take a lot of time which is not the case with Blockchain technology. It ensures faster transactions, and that too at a lesser processing fee.
So, with this set of advantages and benefits of Blockchain technology, it becomes easier for people to execute digital payments.
Conclusion
Because of the revolutionary transformations which Blockchain technology has brought with it, there has been a great demand for Blockchain professionals who can bring the best of their actionable knowledge and leverage the same when required.
If you are also planning to become a Blockchain expert, and are willing to pursue Blockchain certification programs, then you must consider choosing the online Blockchain courses offered by Blockchain Council. It is a renowned platform offering certification courses for Blockchain and allied technology.
The future lies with Blockchain, and it’s a fact. Blockchain is now working in sync with other technologies like AI, ML, IoT, etc. with all this and much more, Blockchain holds a lot of prospects for both the employer and the employee. Hence, if you wish to upskill yourself and want to master this technology, Blockchain course is a must for you.
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