A blockchain is a list of records called blocks. Each block is linked cryptographically and it consists of a time-stamp and transaction details.

When a transaction is initiated on the blockchain, millions of internet- linked computers spread across the world verify the transaction. The verified block is linked to the chain and stored on the net for anyone to see (or audit).

The data on the blockchain is identified by a public key — but not everyone knows who holds it. The blockchain is an immutable cryptographic chain, and it cannot be corrupted.

The blockchain cuts down the middlemen in a transaction and makes it peer to peer.

While transferring money, you do not have to depend on intermediaries such as a bank or payment gateways. You can pass cryptos worth the money you want to send to the person on the receiving end. It is more economical way to transfer money than the traditional channels.