Blockchain Payment System Introduces in Mongolia by Terra

A partnership has been established between a blockchain company, Terra with Mongolia’s capital city of Ulaanbaatar in introducing the country’s first ever blockchain payment system. The co-founder of Terra, Daniel Shin commented, “Facilitating P2P and recurring utility payments with Terra are important first steps towards building a blockchain-based financial infrastructure in Mongolia.”

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Blockchain Payment System Introduces in Mongolia by Terra

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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