Blockchain! This thing is going change way of living, working and daily routines

 From the early 2020’s we had changes in our routine tasks because of the deadly coronavirus outbreak. The coronavirus emergency made the adoption of social distancing between people. The major growth we have seen in the times of pandemic and after pandemic conditions were in the digital sector particularly in contactless payments.

We have seen major growth in the digital payment sector and the rise of mobile payment apps. Contactless payments are evolved in every local small to big business.

Tap and go is the most used option, the payment is more secure and efficient and faster than any other payment because of the blockchain technology.

However digital payments have their drawbacks such as online frauds and security loopholes. Due to contactless payment whenever our card is stolen, criminal has easy access the tap and go payments.

Also, card tap and go payments use radio frequency identification to transmit data, some hackers are creating card skimmers which are known as face scanners, which steal the total details of your card. These details are used for fraud purposes. Mobile wallets such as Samsung pay uses near field communication (NFC) to transmit data within the close range the NFC connection is considered somewhat safe than RFID.

Blockchain:

Blockchain technology stores and updates transactions in real-time, every transaction is recorded on a block, blockchain encourages security and trust between seller and buyer also. When the payment is done through blockchain the transaction is faster. The data is encrypted not possible to modify data.

In blockchain technology, the transactions are secured in multiple separate blocks in case of any hacker attack if one block is attacked, we have the information stored in other blocks securely.

To hack a blockchain system, hackers must have the most powerful computing power which needs to hack multiple blocks at the same time, so the hacking of blockchain systems is highly impossible.

Many of the companies have adopted the blockchain to improve their contactless payments, Deloitte has developed blockchain technology which is based on contactless payment cards with fast and secure payments.

The blockchain helps you to recognize the fraud customers, merchants can give verification to the trustworthy customers. In the contact fewer payments any of the people don’t gain anything, the data is stored safely without any privacy-invading.

Through the blockchain system, we can have a look at the merchant’s transaction history, we can get the previous record which can decide the merchant is fraud or not. Merchant can change the data because it is encrypted.

Blockchain in the banking sector:

As we know if we deposit money in our bank on Saturday evening or else Friday evenings the money is likely to be deposited in our bank account on Monday. The bank takes 1 to 3 working days to deposit the money in our account. The blockchain never takes a rest, by interlinking blockchain in the banking system all the consumers can have their transactions benefit only in 10 minutes which is the time taken to create a block in the blockchain, it works on holidays too. By integrating this system in banks, the bank can have the chance to exchange the funds between any companies more quickly and securely.

Blockchain researchers are claiming that users can save a lot of money by introducing blockchain systems in the real world.  

Blockchain in healthcare:

Not only for money transactions blockchain can be used in the health care systems too. The blockchain is used to secure the patient’s medical records. The generated medical record with the signed which can be entered into the blockchain, which provides the perfect proof for patients as well as doctors. Personal health records of the family can be encoded and stored in the blockchain with a personal key so that no one can access the data which ensures you the perfect privacy.

Blockchain in property records:

As we see in the registered office there would be many files and hard disks where the property files and things are stored which are a burden to search and inefficient. The traditional human process can cause errors which will become the biggest mistakes.

Blockchain can make a perfect solution for these problems too. There would be no need of tracking documents and property files, once the ownership is verified and stored in the blockchain the owner can have a good trust that their documents are accurate and permanently and securely stored in the blockchain.

Overall:

Blockchain technology has emerged to create a solution for fast, secure, transparent payments. Most of the private companies are adopting this technology for faster, secure payments.

The government of China has developed a project on Blockchain which allows the sellers and buyers to have contactless digital payments. Blockchain even can be used in the government sectors too, such as land registrations, health care, and other government offices.     

Blockchain will be the revolutionary thing that changes our lives and perspective of living, and money dealing matters mainly.

Cons of blockchain:

1.       Low transactions per second.

2.       There was a bad history where blockchain is used for the dark web.

3.       Data storage limitations.