Let’s have some imagination first. Your smart fridge is running out of eggs and it automatically orders the same from online store, you enter the cafe without real cash and cards and it will pay automatically when you are done with coffee stuff – likewise most of all money transactions done with their own whenever you purchase something. That’s the thing which seemed possible long ago when Bitcoin was introduced. Unfortunately, Bitcoin failed to make the dreams true due to security issues.
Bitcoin burned a lot of users’ money which made the dream of auto-transaction against the collar. After bad experience from Bitcoin, users’ preferred to stay with their old transaction ways like paying real cash, through cards or online transactions. But these are also not safe.
Half of total U.S frauds are relevant to online transactions, one-third of which are experienced by retail stores due to credit cards, debit cards and PIN numbers.
With all such security threats, future of online payments seemed like dying. It was then when Bitcoin came together with Blockchain to save the future of online payments.
What is Bitcoin Blockchain?
Bitcoin Blockchain or simply Blockchain is a type of public ledger stores all your bitcoin transactions or information. The special thing about Blockchain is you will be given a private key or seed to sign each of your bitcoin transaction. Only you and the program can see your data. All those connected to blockchain can see your existence, but they can’t look inside your data.
Compare it with your home. You can show the existence of your home to the world. But only you are allowed to enter the home with your keys to see inside.
How Bitcoin Blockchain Save the Future of Online Transactions?
The definition itself reveals how much it is secured.
Bitcoin Blockchain is based on cryptographic data. Cryptography confirms each bitcoin transaction only when the owner signs it digitally using a private key. The process takes 10 minutes or more to confirm the transaction, done only by the user, making it 99.99% difficult for tampering.
Blockchain goes far beyond the secure transactions. It takes care of the product and the one carrying the product on the way. It makes sure that product reaches to the owner who has ordered it. All such data, including the product carried through which medium, by whom and how it is manage on the way, saved to a spreadsheet in the sky.
Possible Security Threats
Suppose, somehow hackers break all security locks of blockchain, somehow they reach to your data, but they won’t be able to draw money out because the private key to confirm transaction is only in your hands. That’s the key, not the password that anyone can hack.
Another security lock that is almost impossible to hack is your signature done with that magical key.
Some of the world’s most popular banks have started incorporating blockchain for highly secure transactions. The bank of Estonia committed decrease number of credit card frauds after adopting Blockchain technology. Blockchain has put extra security covers on the future of online payments. With such a secure technology, once again, users have started believing that the day is near when they don’t rely on real cash and cards all the time.
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