Blockchain based International Transaction Processing & Settlement System

Blockchain is built on bitcoin concept which ensures a common currency for exchange of transactions. This eliminates the need for exchange rates of various currencies making it fast and also uses secure encryption to ensure transaction blocks are indisputable and accurate. This allows the system to maintain a simple transparent transaction with need to know basis information conveying. Also end users are saved from the transaction charges and exchange rate loss that are part of international transactions. This kind of transaction system allows for 2 parties to ensure a secure and successful transaction without incurring any intermediate transaction costs. The system is built on a framework that is a distributed ledger rather that a common centralized ledger which can not be modified backwards and needs permissions of all involved nodes to add a new transaction to it. All is consumes is the computing power of involved nodes. For transaction settlements in case an international transaction is to be refunded there is no guarantee you will receive the same amount you uploaded due to fluctuating currency exchange rates. For higher amount transactions even full refunds incur heavy losses due to fluctuating rates. The blockchain based system allows for easy and full exact amount refund as per settlement terms to ensure a transparent and secure transaction and settlement system.

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