Blockchain and Digital Payments-The New Paradigm

Abstract

Indian economy continued to be heavily dependent on cash for payments. But now with the rise in the digital payment system people of India are rapidly switching to non cash payment instruments because of their simplicity and convenience. Then also there are worries about the security. Earlier the application of Blockchain was only limited to supply chain, remittances, insurance, and various other sectors. But now Blockchain has step forward in Digital payments too and expectations are that it will play a major role in the future of Digital payment process solution. The study attempts to explain how Blockchain Technology will revolutionize and improve the current system of Digital Payment System.