Blockchain technology has completely transformed the payment industry, still, it continues to bring more innovations. Transactions are dispersed across various network nodes of computers, that make the payments very safe and secure, without any risk of data tampering or manipulation. Companies efficiently deal with the trials of centralized payment systems and form a devoted and skilled team to implement the blockchain-based payment system in their business to avail its multiple benefits.

1. How Blockchain-based payment system
is transforming the Industry?
It has become easy for enterprises to automate their daily business processes, by
leveraging blockchain technology to improve security and transparency of the
transactions. The blockchain-based payment system has transformed many industries,
especially the finance industry, with the implementation of ingenious keys for easy
payment procedures.
We all have experienced accepting cash payments and seen the transformation of
building cashless economies. By adopting multiple digital payment methods, people
started to accept various types of money exchange systems and decentralized
technology after realizing the benefits of blockchain technology.

2. To understand the Blockchain-based Payment Network, we have to dive into details of
blockchain, its benefits and details of the payment systems.
What is Blockchain?
Blockchain is a chain of blocks that contain specific information, but in a secure and
unaffected way. It’s basically a database system designed to record transactions simply
by making it impossible to change, hack and cheat the system. Blockchain is a type of
DLT (Distributed Ledger Technology) that records transactions with an immutable
cryptography signature called a hash.
Whenever a new transaction occurs, it will automatically be added to the blockchain.
Every transaction will be validated by the network nodes, and these nodes will come to
an accord via a consensus mechanism designed to validate a transaction like Proof of
Stake, Proof of Work, etc.
Advantages of blockchain-based payments:
There are so many benefits of using Blockchain Technology, as it facilitates secured,
fast and cheap international payment services by using encrypted distributed ledgers
meant to provide real-time verification of all the transactions without any need of
mediators like banks and clearinghouses. Initially, Blockchain Technology was used to
support the digital currency i-e Bitcoin, but now it has been explored for various
applications other than bitcoin. Here are some other Benefits of Blockchain in
payments;

3. Eliminates intermediaries
Current payment system requires mediators and intermediaries of different types. While
making payment you might have to pass through some intermediaries and
authorizations, like payment issuer, exchange mode, gateway, etc. these intermediaries
might have some drawbacks, that include; service charges, increased transaction time,
etc. However, thanks to blockchain payment systems, you can:
● Settle transactions easily
● Maintain the validity of transactions without any presence of middle-men
● Facilitate peer-to-peer payments
● Maintain the security of transaction data
● Create and use cryptocurrency wallet rapidly
Transparency and security

4. The most significant benefit of using blockchain technology is its high-level
transparency. All the transactions taking place via blockchain network are:
● Safely stored in the blockchain
● Immutable transactions
● Visible to everybody
That’s why you don’t have to worry about saving the records, as they automatically get
saved in the blockchain and kept safely while ensuring the integrity of data. Since each
block contains its own hash and the hash of the preceding block, that will be linked
chronologically. Which makes it hard for anyone to temper the records on the
blockchain network and cryptocurrency, as all the changes will be visible.
Safe and rapid cross-border payments
When the payee and the payer reside in different countries, they have to incur
Cross-Border transactions. Making cross-border payments might be very challenging,
and you might have to face issues like;
● Involvement of numerous intermediaries
● The current payment method might be less risky, but it’s more expensive due to
high commissions.
● The prolonged payment processing time, as cross-border payments will take
almost five days to process.
● Unclear personal data privacy regulations
● Lack of transparency.
But with blockchain payment processing, you can:

5. ● Transfer payments from one country to another speedily. Furthermore,
Blockchain payment methods will reduce payment processing time from days to
even a few hours.
● Reduce the need of intermediaries in the entire payment process, as blockchain
ensures the validity of payments along with transparency and security.
● All the transaction data on blockchain is immutable, that’s why it ensures the
safety of payments and information.
Automation with smart contracts
People running companies and businesses are suggested to automate their
transactions with smart contracts as it will be greatly beneficial for them. Smart
Contracts will help them to:
● Reduce overall payment time
● Help them to facilitate prompt payments
● Automate payment flows.
While writing the smart contracts, you have to mention all the terms and conditions for
transferring payment. After meeting the required credentials, the payment will be
automatically paid to the concerned person.
The working of blockchain payment systems
The entire system of blockchain payments is not complex at all. Here we are depicting
the entire working and process of a cross-border payment via Stellar Blockchain
Payment System with a payment-specific example to depict the concept, How do
blockchain payment systems work?.

6. Use cases of blockchain-based payment system:
Basically, there are so many use cases of Blockchain-based payment systems. Here we
are discussing some Top Blockchain Payment Use Cases that are listed below;

7. Cross-Border Payments
The traditional cross border payments methods are secured, but they are expensive
and sluggish. This method involves numerous intermediaries present within the system,
leading towards the commissions ranging from 3% to 20% of the amount that is being
transferred. But the cross-border payments with blockchain are;
● Secured
● Fast
● Less expensive
● Doesn’t involve any third-party authorizations
Famous banks using blockchain like Westpac have partnered with Ripple for
implementing a blockchain payment system especially designed for cross border
payments. While other banks and companies are planning to implement

8. blockchain-based payment systems in their business for conducting fast and secure
cross-border payments.
Trade Finance
Another use case of blockchain-based payment systems is Trade Finance. It involves
financial activities linked with international trade. Trade finance requires a huge amount
of paperwork and payment records of bills, invoices, payable amounts, credited
amounts, account balance etc. Carrying out all these procedures will take lots of time
because it requires several copies of the same paperwork for multiple uses. And any
type of small manual error might become the reason for wrong documentation.
But thanks to payments via blockchain, the paperwork of trade finance will become
more manageable as:
1. By eliminating manual effort of maintaining records of the payment details, bills
and invoices.
2. Blockchain payment systems work as distributed ledger for all members, as they
can easily access one single document.
3. It will remove the chances of manual errors as all payments will take place via
blockchain payment system.
Digital Identity Verification
Current payment systems require you to verify your identity while conducting a
transaction. Sometimes, the long verification processes might be irritating or very
time-consuming that include record checking via repeated logins and video calls.
But the blockchain payment system has to make the process easy and less
time-consuming with verified credentials of related people that will be saved in the
system and doesn’t require repeated verification. Blockchain money transfer apps are
unchangeable, that’s why authenticity of the data will be ensured. It will definitely speed
up the digital identity verification because users don’t have to enter their verification
credentials in the system again and again.

9. Peer-To-Peer (P2P) Transfers
Peer-to-peer transfers are meant to transfer payments or funds directly from one user’s
accounts to the account of another user. Currently, there are lots of traditional P2P
money transfer applications are present, but they possess various restrictions like:
● It will allow you to make payments within a specific region.
● Requires you to pay commission for sending a payment outside your current
area.
● Requires you to save your information, that’s not safe.
● It doesn’t allow you to make cross-border payments.
But with the blockchain payments, the P2P payments and transfers become easy and
less time-consuming;
● A blockchain payment system is decentralized. That’s why the security concern
can be addressed expediently.
● You can conduct worldwide payment because blockchain doesn’t have any type
of geographical limitations.
● All the blockchain transactions will occur in real-time. That will automatically
increase the payment speed.
Digital Payment Solution of SVC:
At Saint Vincent Capital, we developed robust and secure blockchain-based payment
solutions designed for enterprises and startups. Saint Vincent Capital LTD., a
multinational group’s ecosystem, developing a world-class Blockchain digital platforms

10. network and practical application ecosystem in promoting global economic growth and
connecting global financial markets.
We develop fully decentralized and securely built digital platforms Network that
leverages distributed ledger technology for the individuals to corporate, and
business-class networks to economy-based business disruption. Here are some off our
services related to decentralized payment solutions:
1. DeFi solution
SVC is providing permissionless and secure payment solutions with decentralized
exchange for your DeFi solutions. We are leveraging distributed ledger technology in
our solutions, designed for individuals to corporate, and business-class networks to
economy-based business disruption. Users can do financial transactions in a
transparent and trustless manner with no intermediaries.
2. P2P lending solution
Blockchain payment solutions are integrated to process auto-payments simply by using
smart contracts that makes the lending efficient in the P2P lending platforms. Saint
Vincent Capital, helps you in the removal of intermediaries from the entire lending
system by enabling the direct transaction among the lender and the borrower.
3. Metaverse platforms
We are providing a secure and consistent blockchain payment system, assisting in
instant crypto payments in all of your Metaverse projects. It offers a clear payment

11. facility to support fast processing and settlement of digital assets i-e cryptos, NFTs, and
other innovative virtual assets.
Conclusion:
Blockchain technology has completely transformed the payment industry, still, it
continues to bring more innovations. Transactions are dispersed across various network
nodes of computers, that make the payments very safe and secure, without any risk of
data tampering or manipulation. Companies efficiently deal with the trials of centralized
payment systems and form a devoted and skilled team to implement the
blockchain-based payment system in their business to avail its multiple benefits.