Before understanding the process of blockchain technology you should need to know about the cryptocurrency. The term of cryptocurrency is a digital currency and it is also called virtual currency. In these days, most of the businessman prefers this currency for making transactions in their business. It has so many benefits that why businessman using it. The whole credit goes to Satoshi Nakamoto who has invented the technique of blockchain. They using the clear coin for their business payments and this type of cryptocurrency use the platform of blockchain technology for easy transactions.
What is clear coin: the Clear coin is simply a service that allows to both buyer and seller for making safe payment and holding coins in escrow. It has benefits that are this technique holding coins in its custody until the satisfaction of both parties. Clear coin simply acts as a time lock that varies from person to person. In the process of the transaction, after the transaction, the escrow can be released and the amount of buyer will be forward to the seller by clear coin. This is really safe and fast transaction process and there will be no need for the third party.
Advantages of blockchain technology: there are various advantages of blockchain technology. Now we will discuss the most specific advantages of blockchain technology and those have been given below:
- There is one biggest advantage of the blockchain technology that is transparency. This latest process of the transaction is more transparent.
- It is useful for reducing transaction cost because there is no need of the third party for the process of the transaction.
- You will have not to pay extra charges for your every transaction, unlike banks. Banks transaction requires transaction fees but this technology does not require any transaction fees.