Consider a scenario where there is absolutely no involvement of banks, payment gateways or any third party intermediaries to process your payments. Would you go running around in your neighborhood, crying “Eureka!” like Archimedes did, or would you ponder the viability of such a possibility?
Well, let’s look into the 5 most important reasons for using it to make payments:
1. Elimination of third party trust
Banks and other intermediary institutions harness our need to trust each other, to offer us their services. This way, they build an everlasting trust gap, where they “manufacture” some of it and get the rest of it “evoked” from us. Blockchain eliminates that mutual emotion of trust by giving you the complete authority of your payments and transactions
2. Immutable ledger
Having access to all copies of payments on the blockchain ledger, makes it immutable. So, whenever there is an anomaly in one of the blocks or chains (if the network has multiple blockchains), it can be removed and replaced with its copy. This way there can be no instance of forgery.
3. Complete visibility of asset life cycle
Information about transactions of all recorded assets on the blockchain, can be reviewed anytime. This is mainly possible because every block in the chain contains details from previous blocks. Asset lifecycle management hits a whole new level with blockchain.
4. Enhanced security
Once a transaction is grouped into a block, a hash (security key or password if you may call it) is assigned to it, enabling users to easily detect changes to the data. The hash is unique to that block and stays with it forever. Such encrypted protection is considered unbreakable.
5. Swift payments across borders
The blockchain’s wonders lie in making international payments, safe, private, swift and pocket friendly.
Haven’t you dealt with exaggerated timelines, exchange rates, excessive regulations every time, while sending money to your friends, family and peers across borders? Well, all that can take a backseat with blockchain.Intrigued by the idea of moving over banks to lend money to people in other countries? Convinced by how blockchain can take care of your payments? Then you should definitely look forward to leveraging our Etherecash token, which will be up for sale through our ICO, come October 25th.