Blockchain: How It's Being Used to Process Payments

Editorial Calendar Blockchain: How It’s Being Used to Process Payments Talking to industry experts, we’ll be looking at the use of blockchain as a form of payment, and how the adoption of the technology could revolutionise what we understand about and expect from this form of paytech. As a combined outcome of both the 2020 and 2008 recessions, consumers have been seeking out safer and more reliable ways to store and protect the value of their money. The growing distrust of traditional financial providers has led many to seek out alternate methods of processing transactions.

The popularity of the blockchain has resulted in a huge level of disruption to the industry, and rewired what we thought we knew about conducting payments. At its very basic core, a blockchain is a database of information that records the provenance of a digital asset in a way that makes it very difficult to change. It is a digital ledger of transactions and provides an open database of every transaction involving value.

“Blockchain is the technology that sits beneath cryptocurrencies,” explains blockchain and crypto author and consultantKate Baucherel“It’s the ledger of all the transactions that take place in a particular coin – Bitcoin has its own blockchain, the original invention proposed bySatoshi Nakamotothirteen years ago – and every other coin also has its own blockchain.” How is the blockchain being used for payments? “Blockchain software platforms are being used to pay for the transactions that take place and for buying digital assets such as artwork or game pieces,” Kate continues. “They can be embedded within larger systems, such as foreign currency payment platforms in high street banks that use a cryptocurrency under the hood to do fast conversions.

They’re also being used for direct payment of goods and services, and can even be used