A Blockchain is a “chain of passes” that contains a secure record of any transaction or data exchange that occurs on a distributed network of computers. Each one has a unique identification code (cryptographic hash), like a unique ID. Each one includes its hash and a control hash, which connects the chain to you.
Whenever a new transaction occurs, a new one is added to the chain. Each transaction must first be verified by all nodes in the network, and the nodes must agree on a consensus mechanism for verification. Chains typically use mechanisms such as proof of work (proof of work), and proof of stake (proof of stake).
How do Chinese payment systems work?
The Chinese payment system is no exception. To better program it, we give an example for the Steel China payment system. Suppose you live there and want to send $ 10,000 to your friends in the US in Germany. Both banks are connected to the Stellar blockchain network. The payment process is as follows:
You send $10,000 from your bank to your friend
Your friend’s bank in Germany will receive a $10,000 transaction request.
His bank will confirm the request with your friend.
After you have treated the business, you will be deducted for $10,000.
I will transmit this $10,000 to your bank’s pool version and change it into Stellar Lumens (Stellar – XLM).
I will transfer the Astral Lumens to the Astral network, where they will be rehabilitated into euros at the best conversation rate.
This amount will eventually be transferred to your friend’s account in euros.
Banks act as “anchors” in the Stellar network. Anchors are the organization or organizations that centralize deposits and issue credit as needed. These currencies act as a bridge between the Stellar network and the Stellar network, as all financial transactions are made in credits issued in the Stellar network anchors (except XLM).
How to implement a blockchain payment system?
I want to make sure to take some necessary steps to implement the blockchain payment system effectively.
Step 1: Define the possibility of your scheme.
The first object you need to do is choose what you need to do to tool the blockchain expense system. You can adopt the following plans:
A new blockchain and cryptocurrency project.
Develop a new token on the blockchain, such as Stellar or Tezos.
Using a crypto payment gateway.
Using Stel or Ripple as the payment system.
Step 2: Choose a front-end technology stack.
The next step is to decide which front-end application you want to provide to your users, and which technology stack you want to use for it.
Step 3: Choose a platform.
After the front-end technology stack-up, you need to choose a network platform. There are various market chain platforms available according to your production scope. If you want to build a new network and token, review the benefits and pricing of existing platforms.
Step 4: Start development
You need a strong development team to complete the production. Your strategy should determine the team members. For example, if you want to build a new token on Stellar, you need Stellar developers.
Step 5: Invest in the project
Adopting the scope of your business If you want to build a new chain network and cryptocurrency, you need to build the following:
Cloud-based architecture.
Advanced encryption techniques for the peer-to-peer network.
A consensus algorithm.
If you want to create a new token on STEEL or TEVISE, you will need to do the following:
Create an account and crypto wallet.
Get the necessary tools and APIs and configure
Write, test, and exchange your contracts.
Crypto coins ready
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Conclusion
Chain technology has made major changes to the Pay Union and is bringing more innovations. Blockchain media transactions become secure and tamper-proof. Businesses that effectively push through centralization systems and form a seal team can reap the numerous benefits of the Chain Payment System.