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The market of blockchain technology is evolving very rapidly. Internet giants like Facebook, Alibaba and Google are working on their own blockchains and blockchain-related technologies. However, it is not about the competition it inspires, but the benefits that come with this technology. Blockchain has the ability to provide security to different industries, especially those associated with the internet.
Blockchain technology has the capacity to change the way we interact with the internet. It can provide security, transparency, high transaction speeds, interoperability, easy access to data, and many more privileges.
Many projects like Zilliqa, Pundix, Holo, IOTA, and Dash are already utilizing blockchain technology to grow their business. There are several decentralized applications available on the internet to provide solutions to real-world problems.
Bitcoin started the journey back in 2009. And right now, there are about 2,000+ decentralized applications available.
These innovative projects have proven that “blockchain is beyond altcoins and Bitcoin.” Here is a list of blockchain benefits that can help businesses grow.
1. Peer-to-Peer Global Payments
The first practical implementation of blockchain technology is Bitcoin. It is a peer-to-peer global payments system based on utilizing distributed ledger technology. You can send and receive bitcoins all over the world without any restrictions.
Currently, centralized payment systems are being used to send and receive money across the globe. However, these systems have certain limitations.
For example, PayPal is the most recognized payment system, but it is not offering services in most of the developing countries. Some other limitations are minimum payment transfer and high transaction fees. Distributed ledger technology (DLT) provides the solution to all such problems.
Though DLT is still growing, it has to cover a long distance.