USE CASES
BLOCKCHAIN 56
USE CASES
Bitcoin Arguably no discussion on blockchain within the payments sector can be complete without considering Bitcoin . Among the most disruptive use cases of blockchain in the last 10 years , Bitcoin is a cryptocurrency built on the same basic principle : data regarding each bitcoin is immutable ( there are 21 million in total ) but the information can be freely recorded and transacted , i . e . the transferral of ownership when buyers exchange bitcoins for goods and services . Entirely peer-to-peer ( P2P ) and with no intermediaries or third-party participants , Bitcoin represents a secure , transparent and decentralised alternative to the fiat currencies currently circulated worldwide . Essentially , blockchain enables Bitcoin and other similar cryptocurrencies to practically eliminate processing or transaction fees while also mitigating dependency on banks and governments to guarantee their value .
Ripple FinTech startup Ripple was founded in 2012 with a view to overhauling global payment infrastructure . Comparing the legacy global transaction framework to an “ outdated postal system ” as opposed to a 21st century , digitallydriven system , the company uses blockchain in conjunction with digital assets to create a network capable of enabling FS providers to carry out international payments quickly , reliably and cheaply . With a payment network encompassing 300 customers spread across 40 countries globally , Ripple is one of the leading examples of blockchain being successfully deployed for commercial use . However , despite its transformational service capabilities ,
OCTOBER 2020