Foundations of Blockchain

Blockchain as a solution

Blockchain was the product of Bitcoin, and was developed to replace the current payment system with peer-to-peer electronic cash. Even so, since the development of both Bitcoin and blockchain, the technology has grown to be much more than just an alternate payment system. The properties of blockchain provide a lot of scope to develop solutions to the issues in payment systems and other financial systems as well. An efficient payment system requires the following properties:

• Real-time settlement of transactions
• Low fees for domestic and international transactions
• No limitation on the amount that can be transferred
• Secure communication and record, keeping mechanisms

Blockchain, with the help of decentralized networking, ...