The Signature Bank based in New York has been approved to launch a blockchain-based digital payments platform for real-time payments called Signet. It is claimed that the platform will process transactions securely without transaction fee and without the involvement of third parties. However, it mandates the holding of $250,000 as the minimum balance.
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A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.
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