Blockchain could help to repair the payment system, and even more

blockchain, proof

Blockchain can be considered a revolutionary technology. Just as the internet was revolutionary in its time. Blockchain offers many things that in today’s world can only be an idea. For example, it can fix the payment system. Let’s take a look at how it could do that.

Payments and unnecessary fees

Cross-border payments as we know them today are burdened with fees, hurdles and delays. Senders pay disproportionately high fees for the transfer of funds. Global businesses also have to choose between bearing the exchange costs or passing them on to their customers. Why is this? Partly because the systems are not interoperable. Essentially, we are looking at a patchwork of systems that give the impression that they work together.

Because of its transparency and benefits in transfers, blockchain could fix these things and relieve the sender of unnecessary fees, plus the transfer would take seconds to minutes rather than days. Moreover, due to its nature, this technology can enable everyone to participate in the development of the network. This will ensure constant progress and discussion on individual ideas.

Digital currencies will be needed

The digitization of society is moving inexorably forward, and many companies are realizing that the need for digital currency will emerge in their industry in the near future. But how to implement such a solution quickly and securely? Once again, blockchain offers the answer. Since it can connect people and companies, it is quite possible that in the future blockchain will be accepted as mainstream and will be used on a daily basis by many people and companies not only for money transfer, but also for smart contracts, for example.

What you can do

The world is slowly but surely becoming more digital and it is almost certain that blockchain will be part of this world. If you would like to learn more about the benefits of digital currencies and blockchain, you can start studying with our Platon Trading Academy, which will introduce you to digital assets.

Source: weforum.org

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