Prevent fraudulent payment processing block chain
Today, criminals are improving their deception with the new era of technology. Therefore, it is important to use a way to resist and respond to any fraud technology. As we all know, block chain technology can solve inefficiencies based on trust can actually make this possible.
The block chain stand out from other security solutions is decentralized. Block chain transaction data recorded in the global multiple systems, independent brokers. This ensures that there is no single point of failure. In addition, if someone tries to tamper with data, you can notify the participants block chain network.
The second striking feature block chain is invariant, any data registered on the block chain can not be deleted or changed. If members want to store the new transaction data, it must go through the verification process called consensus. After verification, the user can input data to the payment chain, to add any new chain block will not affect the previously stored blocks.
High visibility of the different blocks is another popular chain functional blocks. In our scenario, the chain will block all transaction details are stored in a centralized to the ledger. Because of the invariance of technology can not be forged or altered data storage. In addition, to check, monitor or block chain network to add any new data, the user must first identify himself. They must enter a verification code difficult to crack, if there is any intruder happen to the network and to change the data, participants will know it. Participants can view the complete transaction history, which will help them understand whether hacking into their own private space.
Now that you know what the block chain so special. The company should reconsider its security solutions, and consider using block chain to combat payment fraud. In this way, companies can build brand loyalty by improving the customer experience, and ultimately lead to higher incomes.