"Blockchain for payment processing" refers to the utilization of blockchain technology to facilitate and secure financial transactions. Traditional payment systems often rely on centralized authorities, such as banks or payment processors, to validate and record transactions. In contrast, "blockchain-based payment systems" offer a decentralized and transparent approach.

Blockchain is a distributed ledger technology that maintains a network of interconnected computers, or nodes, where each node stores a copy of the entire transaction history. When a payment occurs, the transaction is broadcasted to the network, and multiple nodes work together to validate and verify the transaction using cryptographic algorithms.

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