Blockchain is shared ledger recording technology that allows every participant to see and permit every entry into  a system, thus preventing changes in records that are singular or not approved by al other authorized participants. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. The decentralized database managed by multiple participants is known as Distributed Ledger Technology (DLT). Blockchain is a type of DLT in which transactions are recorded with an immutable cryptographic signature called a hash.

Hence, while making payments, you don’t have to worry about that any records could be altered by a fraudulent activity. Every block contains its own hash as well as the hash of the previous block, they are chronologically linked. Hence, no one can tamper with the records on the blockchain, as any change would be visible. Thus, blockchain payment systems ensure high-level security, safety and transparency to assure you that your payments are authentic and safe.

• Most operation departments want more efficient, safer ways to process payments and manage other business transactions. Because of the automation and transactional transparency that it provides, blockchain technology eliminates the need for an intermediary when processing payments

• Having an accurate record of transactions is imperative when developing and executing quality assurance protocols. With the development of blockchain technology, businesses are now able to identify problems in the manufacturing and distribution process and track where they are originating with unparalleled efficiency. The permanent records that blockchain establishes make financial audits, for both internal systems and external partnerships, much more accurate and less time-consuming.