Because of the 2008 economic recession, the financial industry has been surprisingly shaken and faced a number of challenges regarding trust, consistency, and value. Traditional banking is now believed outdated and somewhat undependable since consumers and businesses are looking for alternative choices for their transactions and assets. Therefore, blockchain technology and cryptocurrencies have disturbed the industry completely. It has totally transformed the business of large financial institutions, dealers, and international businesses, altering the mode of payments are carried out and fulfilled.

Crypto-Currencies vs Big Banks

According to the estimations of the World Economic Forum, 10% of global GDP will be stored using blockchain by 2027. Cryptocurrencies will capture most of this within. Blockchain’s most famous feature, cryptocurrencies have evolved as a strange powerhouse that has kept regulators, large institutions, and consumers all in intrigued and puzzled. These are digital assets built to function as usual currency but with the benefits of blockchain for example, decentralisation and a public ledger. In contrast to traditional currencies, cryptocurrencies facilitate transactions to be fast, secure, and global. Additionally, it preserves and enhances value over time without impact from major players in politics and capitalism. Due to the huge popularity of cryptocurrencies, financial institutes have been forced to transform their attitudes and behavior towards this new technology, knowing blockchain as a requirement rather than an alternative. Blockchain is reforming the world of payments by satisfying the bank’s wish for faster processing, more detailed audit information and higher levels of security for growing competence and customer satisfaction.

Regular Payments

Even though ruling the online world, cryptocurrencies have hardly been used for daily transactions and buying because of a few difficulties with regulations and faith. Several startups have come into the scene of financial payments to ease and reduce the complex procedure with advanced technology. For example, Forest is an open source blockchain platform especially developed for high-speed personal payment. This platform combines so many most recent technologies in the field of blockchain technically.  As an increasing number of individuals are accepting earlier offline activities (online chatting, online banking, even online shopping), we observe the interest in online transactions change too. By merging MimbleWimble privacy protection technology, high-speed asynchronous ledger technology based on DAG, anti-ASIC mining work algorithm based on Equihash and lightning payment network technology, Forest has developed a highly secured system which is appreciated by the clients for using. In an age filled with automation and technology, Forest is adjusting to its environment and changing the mode of payment of consumers.

The main aim of a payment ecosystem is to use a decentralized network so as to improve payments and financial settlement. The requirement for secure, fast, private, and affordable payment transactions are worldwide issues being addressed by legacy banking systems and also many new approaches and technologies.