Use of Blockchain in mobile payments

Blockchain is the revolution technology behind the advent of cryptocurrency like Bitcoin and Etharium. With evolution of blockchain and its integration with online mobile payments, most of the industries are looking forward to embrace this advancement. In near future, smart contract bloackchain, is going to be the most efficient way to pay for services and transfer of money.

Here are some of the primary characteristics of blockchain:

1) More secure

Blockchain technology is fraud proof and prevents double spending. It is because the distributed ledger is tamper proof and time stamped. With mobile app development company using blockchain compatibility, it will be extremely difficult to hack user accounts.

2)  Easy and quick payments

This is best for assisting global payments where in somebody wants to send money to other country and it takes few seconds with blockchain to transfer the money in a secure and a fast way without any middle authority involved in it.

3) Remittances

Blockchain is a distributed decentralised network, by removing middlemen while transferring money globally the customers can save up to $16 billion. Blockchain allows remittances across the world at zero transaction fees and much faster as compared to current expensive services.

4) Blockchain Wallets

From cash to plastic money and now to digital wallets, life of mobile users has been made easy and convenient. The Blockchain wallet development technology will further make it more secure with internet level consensus verification technique. This would increase speed and reduce cost at the same time.

5) Unfolding usage of wearable’s

Users have a benefit to store information on wearable’s like smart phones, watches etc and with blockchain they don’t have to worry about fraud. Blockchain is a huge network where users can share and store information across distributed decentralized network. This information is securely available to required set of nodes/devices as private or public networks.

6) Peer to peer Lending

Financial businesses can take a huge turn in terms of doing payments on local or global platforms. P2P is the fastest growing technique when combined with blockchain as there are low interest rates and greater return of investment. Blockchain has made lending business easy as borrowers do not have to deal with paper work related to banks or is, a direct loan agreement is made between lender and borrower which is more secure.

NetSet being the top blockchain software development providers, has developed Blockchain Wallets as a POC and we are open to partnerships on for solving real business challenges.  Drop us a line at Direct@netsetsoftware.com to know more.