IT PARK
    Most Popular

    What is IaaS/PaaS/SaaS?

    Jun 15, 2025

    Tesla and BMW lead supply chain renaissance with blockchain

    Jun 15, 2025

    6 Ways to Make Money for IoT Products

    Jun 04, 2025

    IT PARK IT PARK

    • Home
    • Encyclopedia

      What is a port?

      Jul 01, 2025

      What to do with a laptop blue screen

      Jun 30, 2025

      Is it better to save the file as a zip archive or as the original file?

      Jun 29, 2025

      What is cross-site scripting attack

      Jun 28, 2025

      The difference between SLR and digital cameras

      Jun 27, 2025
    • AI

      Can AI Painting Replace Human Painters

      Jul 01, 2025

      Who owns the copyright of the paintings created by AI for you?

      Jun 30, 2025

      How does the meta universe "feed" artificial intelligence models?

      Jun 29, 2025

      Amazon Bedrock: How to Stay Competitive in Generative AI

      Jun 28, 2025

      AGI Avengers! Google Brain and DeepMind officially announced a merger

      Jun 27, 2025
    • Big Data

      Transforming the construction industry through digital twin modeling

      Jul 01, 2025

      How does big data start? From small data to big data

      Jun 30, 2025

      What is big data? What can big data do?

      Jun 29, 2025

      Benefits of big data analysis and how to analyze big data

      Jun 28, 2025

      Six benefits of big data for enterprises

      Jun 27, 2025
    • CLO

      Essential factors to consider for a successful cloud transformation journey

      Jul 01, 2025

      Building a Smart City: The Importance of Cloud Storage

      Jun 30, 2025

      SaaS sprawl: meaning, hazard, status quo and mitigation plan

      Jun 29, 2025

      What are the advantages and disadvantages of hybrid cloud?

      Jun 28, 2025

      Cloud computing has many applications in our daily life, what are the main ones?

      Jun 27, 2025
    • IoT

      6 Ways the Internet of Things is Transforming Agriculture

      Jul 01, 2025

      4 Big Challenges for IoT Data Collection and Management

      Jun 30, 2025

      Most enterprises expect a return on investment within one year of IoT deployment

      Jun 29, 2025

      What are the main applications of IoT in our real life?

      Jun 28, 2025

      IoT systems and why they are so important

      Jun 27, 2025
    • Blockchain

      Blockchain Common Consensus Mechanisms

      Jul 01, 2025

      How energy company Powerledger (POWR) is using blockchain to improve the world

      Jun 30, 2025

      Ten application scenarios for blockchain

      Jun 29, 2025

      What is a privacy coin? What is the difference between them and Bitcoin?

      Jun 28, 2025

      The difference between Bitcoin cash and Bitcoin

      Jun 27, 2025
    IT PARK
    Home » Blockchain » What does blockchain payment mean?
    Blockchain

    What does blockchain payment mean?

    Payment can be said to be a link of great concern to both sides of the transaction. E-commerce is now developing at a high speed, and payment is a fundamental link in the process of fund financing, which is very important. With the development of blockchain technology, there are now many ways to realize fund transfer through blockchain technology
    Updated: Jun 24, 2025
    What does blockchain payment mean?

         What is the meaning of blockchain payment?

    Blockchain payment application model is actually using blockchain network to join traditional financial institutions, foreign exchange market makers, liquidity providers, etc. to the payment network and build it into a payment gateway. Through the payment gateway, the flow of digital assets on the blockchain can be connected with the legal tender in reality to realize that legal assets can be converted into digital assets on the blockchain to facilitate subsequent payment transfers.

    Through the blockchain payment system, the current single speculative attribute of crypto digital currency is changed to make the digital currency circulate and create actual commercial and social value. At the same time, it breaks all kinds of restrictions of current settlements, breaks through national borders to speed up the world, makes cross-border trade more efficient, reduces commercial transaction costs, and maximizes corporate profits. Thus, it can solve the direct deposit problem of merchants, large amount payment, and cross-border payment problem.

         Introduction to the principle of blockchain payment

    Payment is the basic link in the process of capital financing. The potential advantages of using blockchain technology to realize fund transfer, especially in cross-border payment business, are particularly prominent, establishing direct interaction between cross-border payee and payer, simplifying the processing process, realizing real-time settlement, improving transaction efficiency and reducing business costs, thus promoting the development of cross-border micro-payment and other business models.

    The entire payment transaction process, from the merchant platform, input amount, acceptor mechanism operation, platform guarantee transaction, and finally in the callback to the user account on the merchant platform.

    That is: for each exchange request of user's recharge in blockchain payment, the payment platform randomly matches the acceptor and freezes the equivalent amount of crypto digital assets corresponding to the locked acceptor. After the buyer's payment is completed, the acceptor seller notifies the platform system to unfreeze the released coins after confirming the receipt of the fiat money payment from the buyer, and finally the user gets the amount of recharge on the merchant platform and the whole transaction is completed.

    In the above process, the buyer (user) only needs to pay fiat currency to get the equivalent market value of credit on the merchant platform, and the merchant gets the crypto digital assets purchased by the buyer (user) in fiat currency and then completes the whole payment process.

    As we all know, the problem of traditional cross-border payment is that there are too many participating institutions, and the synergy effect is also poor, the information is also asymmetric, the arrival period is also long, the payment efficiency is relatively low, and the traditional payment cannot adapt to the new cross-border e-commerce real-time cross-border payment requirements.

    The blockchain is essentially a distributed and trusted database maintained by multiple parties, so the blockchain transaction architecture can substantially lock the transaction time and also enable real-time monitoring to better prevent the occurrence of payment risks.

    blockchain Payments Funding
    Previous Article Do I need to know Python to learn Big Data?
    Next Article Public vs. private blockchains for storage

    Related Articles

    Blockchain

    What is the connection between blockchain and Web 3.0?

    Jun 01, 2025
    Blockchain

    What is blockchain? Simply understand blockchain

    May 14, 2025
    Blockchain

    Tesla and BMW lead supply chain renaissance with blockchain

    Jun 15, 2025
    Most Popular

    What is IaaS/PaaS/SaaS?

    Jun 15, 2025

    Tesla and BMW lead supply chain renaissance with blockchain

    Jun 15, 2025

    6 Ways to Make Money for IoT Products

    Jun 04, 2025
    Copyright © 2025 itheroe.com. All rights reserved. User Agreement | Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.