Blockchain for business is a new concept which enables many industries and organizations to implement even the basic of systems on foundation of blockchain technology. Using this technology, our goal is to develop a payments system that enables transfer of funds for a monetary transaction between two parties. Hyperledger is an open source community oriented effort which was made to propel cross-industry blockchain advances that were available. The Linux Foundation has it. It has partners from everywhere throughout the world , at a worldwide dimension and incorporates ventures like funding, banking, Internet of Things, supply chains, assembling and Technology. Using Blockchain for Enterprise technology, we are going to develop a new payments system that makes use of regulated cryptocurrency. Using this system, we want to create a new cryptocurrency specific to the payment portal for people to buy, sell and pay or earn rewards using this cryptocurrency. This system will majorly consist of participants and admins that will be divided based on the certificates assigned to every participant. Our implementation involves. using the fabric for creating a payment system run on the backend of blockchain technology. This will involve having a regulatory authority to maintain the cryptocurrency, ledger and authenticity of the users. Theoretically, the blockchain technology maintains anonymity for transactions. It uses a distributed ledger to record transactions for people to be able to make secure transactions without any repercussions. Blockchain for Enterprise implements Blockchain technology by using concepts like Trust, Privacy and Smart contracts in addition to the distributed ledger to create an industry friendly Blockchain business application. Blockchain is a rapidly growing field with multiple implementations which can be explored not just on anonymity but also on actual life implementations. Distributed ledger technology is applied to the payment systems. Cryptocurrency would now not only be used for anonymous transactions but also for regular day to day transactions.
The mechanism of using distributed ledger technology by payment systems: advantages and disadvantages
