The cashless society of the future is already becoming a present reality. Most major banks in the world now offer internet banking, with mobile apps that take seconds to transfer and receive money. Payment platforms have made it possible to pay for goods and services around the world without leaving your home. You can pay for your purchases, transportation, and meals without having to take out cash – just use your credit card, mobile app, or scan a QR code. According to leading cryptocurrency news sources, the blockchain holds the key to a secure and efficient cashless future.
The Benefits of the Blockchain for Cashless Society
The blockchain is a decentralised ledger of transactions, and each transaction is called a blockchain. These blocks are distributed to thousands or even millions of miners, who will then verify the transaction before adding it to the blockchain.
Each verified block has a unique history and record which records everything that happened to it, from who verified the transaction and when. The blockchain is ultra-secure, transparent, efficient, and cannot be controlled by any single entity.
All of these qualities make blockchain technology such an ideal foundation for a cashless society. It offers benefits unrivaled by any other platform:
- Total Security
Traditional modes of payment like credit cards, metal coins, and paper bills are all susceptible to theft. The blockchain makes it almost impossible to steal money because no one can make changes or falsify information to the blockchain once a block is verified and added.
- Eliminates the Need for Banks
With blockchain technology applications, you never have to go to the bank to get money or conduct financial transactions. This means no waiting in long lines or paying exorbitant fees. It completely eliminates the middle man – the bank – and you can deal directly with the other party using the blockchain.
- Saves Time
Blockchain payments are done in real-time and almost instantly. This thanks to the decentralized nature of the technology. The system is based on a collective network, which means information can pass through the chain securely, efficiently, and quickly
- Lowers Transaction Fees
Since no single government, bank, or financial institution controls the blockchain, no one can charge fees on the transactions that occur on the platform. This lowers the barrier to entry – you can pay through the blockchain no matter which currency you use or where you are, without paying fees or physical access like credit cards.
Top 3 Countries Going Cashless
As early as now, several countries around the world have started to make the shift from a cash-based economy to a cashless one. The following are leading the charge:
- Sweden – less than 20% of stores and 2% of transactions in Sweden still accept cash; cryptocurrency news experts predict the country to be completely cashless by 2023
- Germany – in February 2018, the German Ministry of Finance has signed a decree that legally recognizes Bitcoin as a currency; the ministry has also already proposed limiting cash transactions to a maximum of 5, 000 Euros
- Canada – by 2030, researchers predict that only 10% of transactions in Canada will be done with cash; the rest will be done through digital means like credit cards and the blockchain
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Without a doubt, blockchain technology companies and the blockchain will play a critical role in establishing the foundation for a cashless future. It offers an unprecedented level of security, transparency, and efficiency the world has ever seen. As countries, governments, and industries start recognizing the power and potential of the blockchain, expect to go mainstream in the near future.
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