In today’s modern world people still must deal with three main factors impacting negatively on international payments and access to credit. Transactions across international borders using traditional money, referred to as fiat money are normally complicated, time consuming and expensive.
In 2009 Satoshi Nakamoto introduced Bitcoin as a digital analogue to gold: limited in supply, but secured by modern cryptography. Digital money, referred to as cryptocurrency is an electronic payment method which can be transferred between users with the help of computers, smartphones and the internet. The main innovation behind cryptocurrencies is that, instead of relying on trusted third parties such as central and commercial banks, transactions are recorded and propagated in a distributed ledger known as a blockchain. The technology behind blockchain is busy changing money, business and the world. The promise of blockchain technology is simple: cut out the middleman and help secure financial transactions through a distributed ledger system. This results in fully decentralized transactions together with relatively low transaction fees.
With evolution of Blockchain technology and emerging Smart Contracts, Blockchain is now ready to be implemented in most of the industry. And not only as a mode of payment but for some other purposes as well. For e.g. To keep record of ownership, manage product supply chain, manage history of patients in hospital, as an agreement in any deal, etc.