The blockchain technology will replace credit cards and other forms of online payment with a distributed ledger system that will make it easier to verify transactions, and allow companies to track and monitor payments, according to a study released on Tuesday.
The project, titled Bitcoin Cash, is an open-source blockchain that will be developed by a consortium led by Microsoft, Intel, IBM, and Tencent Holdings Group, according a report by Bloomberg.
It is an attempt to improve the way payments are handled and secured, the report said.
The consortium will make the final decision on the final protocol.
This is a major step towards replacing all forms, including cash, with a blockchain-based payment system that uses cryptography, blockchain technology and distributed ledger technology.
As a result, the new system will allow people to transact with other people, businesses, governments and even banks, according the report.
The new payment system is expected to be ready for widespread use by 2020, the consortium said.
Bitcoin Cash will also allow people on the same blockchain to transact across the network, making transactions much more secure than they are today.
Microsoft, IBM and Ten cent also plan to create a blockchain platform called Microsoft Bitcoin that will allow businesses and banks to securely and securely track transactions using Bitcoin.
It will be the first blockchain to offer such a service.
The platform will include a “trust-less, public ledger”, a way for companies to make payments securely and anonymously, according Microsoft.
Tencent, the Chinese e-commerce giant, said on Tuesday that its new payment platform would be available on May 15.
Binance, a bitcoin trading platform, also said it is working on a blockchain project.
Catch up on the latest news on the cryptocurrency market with CoinDesk’s free newsletter.