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As we all know, payment is a financial exchange that occurs between buyers and sellers. This is something that everyone comes into contact with every day, so I believe everyone is familiar with it. With the development of blockchain technology, payment and settlement based on blockchain technology has begun to enter the public eye. Blockchain payment is a new type of payment method. Speaking of blockchain, you can think of two keywords, namely decentralization and distributed ledger. The Alipay we usually use is centralized, and all transaction information will be recorded on the platform. So what are the blockchain payment and settlement applications? Let the editor of the currency circle introduce it to you.

 What are the blockchain payment and settlement applications?

Case 1: Ripple payment settlement network

Ripple is a payment network based on the blockchain. Through this payment network, you can transfer any currency. Payment is simple, easy and fast, with fast transaction speed and low transaction fees. Ripple is a San Francisco-based digital payment company
Labs) and released in March 2013, and began trading in April 2014. So far, it has been used by more than 60 countries and more than 850 banks or institutions. At the end of 2019, Ripple received US$200 million in Series C financing.

Relying on the Ripple payment network, all cross-border payee and payee information can be used to establish trust through the basic network provided by Ripple to achieve payment and fund settlement. Supports the most efficient cross-border remittance based on the Ripple network, saving time and significantly reducing costs.

Case 2: Zhongxiangbit Blockchain Reconciliation Platform

In addition to building a new cross-border payment system, blockchain can also be used to solve pain points in specific business links in payment settlement. This case starts from the inter-bank joint loan business, uses blockchain to build a trustworthy inter-agency fund reconciliation platform for all parties, and achieves quasi-real-time reconciliation processing through smart contracts.

Beijing Zhongxiang Bit Technology Co., Ltd. is a technology-driven company deeply engaged in distributed network and blockchain technology, providing high-quality products and comprehensive blockchain solution services to customers in many industries at home and abroad. The company is headquartered in Beijing and has branches in Shanghai, Nanjing, Shenzhen, Guangzhou, Nanning, Xuzhou, Changsha, Hefei, Hangzhou and other places.

The reconciliation platform is the most common middle and back-office business between financial institutions and between financial institutions and major customers. It is a very critical link in fund payment and settlement. The traditional reconciliation model is that the two institutions generate business record files in an asynchronous manner for comparison one by one, and handle the differences in a pre-agreed method and process. Generally, the reconciliation on T day can only be completed on T + 1 day, which is not timely and error-prone.

 Advantages of blockchain payment settlement

To effectively solve these problems, blockchain technology must be mentioned. Blockchain payment has characteristics that are completely different from traditional payment methods, such as decentralization, non-tampering, traceability, openness and transparency. These characteristics make the application of blockchain in the payment industry more advantageous.

Efficient and low-cost transactions: Through the decentralization and point-to-point characteristics, blockchain further reduces intermediate links, simplifies a large number of manual financial service processes, reduces transaction costs, and improves transaction efficiency.

High data security: Blockchain provides a secure network process for payment, where merchants can store user information, but no one can access and tamper with it. At the same time, anonymous payment further protects user data security.

Digital identity verification: Through the blockchain identity verification protocol, it can assist in verifying the true identity of individuals and organizations. Users can better process transactions, have more secure data and digital identity ownership, and effectively prevent various frauds.

The above content is the detailed answer of the editor of the currency circle to the question of what are the applications of blockchain payment and settlement. It is precisely because blockchain payment can reduce transaction costs to a great extent, and blockchain payment is more conducive to privacy protection. In addition, blockchain payment can also replace traditional payment methods in some scenarios, helping everyone achieve higher payment efficiency and lower payment costs. From a macro perspective, blockchain payment can also reduce the cost of cross-border transactions and increase the speed of capital flow, which to a certain extent can promote the development of global cross-border trade. Blockchain payment promotes a global payment system and makes Internet payments as easy as sending an email.