The fact that the present banking and financial scenario is in a position which is undoubtedly troublesome for a vast population can’t be denied. The medium of exchanging money now a days is not a easy path to walk on. The reason , in simple words, is the fact that today when two parties exchange money they aren’t the only ones to be involved, instead the money reaches the receiver after coming the across a large number of barriers while the transaction. These barriers , like banks or some other financial bodies never fail to gather their piece of cake from the transaction, which is obviously the worst part.
As it’s rightly said ‘Necessity is the Mother of all Invention’, the world is now witnessing an extra ordinary technology which when compared to Fiat currencies is much more secure and better mode of transactions, i.e., BLOCKCHAIN.
However if you are still in a dilemma as why block chain is going to be the most preferred mode of transactions , then sit back and relax.
Here is everything you need to know about Why block chain is going to rule the finance industry and banking in the future
In order to understand how blockchain is going to work in future ,we have to understand it keeping in mind the scenario of our future.
EXTRA ORDINARILY TRANSPARENT
The most imperative factor for any technology to flourish in future depends on the extent to which people can rely upon it and as far as blockchain is concerned its increased transparency makes it extremely reliable.
In other words block chain may be seen as a single version of truth of anything digital. It’s a form of Advanced technology that maintains the ever-growing list of data records which are decentralized and impossible to tamper with. The fact that all the details and information which are stored in ‘blocks’ are copied enormous times within this database, assures that it’s impossible for anyone to hide or disturb the authentic data.
Therefore Technology with such transparency and authentication it’s a definitely reliable one and proves why blockchain has a bright future.
MORE SIMPLIFIED TRANSACTIONS
With Rapid implementation of the blockchain, the world will soon come across much more simplified transaction and financial services. In fact with blockchain technology, the financial services are not only going to be faster but also cheaper. One of the most imperative reasons for many simplified transactions and financial services is the fact that this technology could save billions of dollars from transaction costs while improving transparency.
Blockchain would make p2p transactions possible, without the need for a centralized certifying authority like Banks which never fails to take a small Commission to carry out the job.
Moreover, the hurdles unofficial problems the people face right now because of taking or giving loans is going to completely vanish. Because this technology would let them create smart contracts by mentioning the amount of money they want, the time period and minimum acceptable rate of interest. In fact, there would literally be no issue of fraud or theft as each and every data would be safe in the blockchain.
Be it a business tycoon or an ordinary employee each and everyone of us wishes to have a neat and clean record for all our data including money. Well, blockchain Technology is the only one where one can get an accurate record for all data is stored in it in the form of blocks.
Moreover, the algorithms and mathematical calculations of this technology as your complete security of the data and make it impossible for anyone to change or steal it.
ASSURES COMPLETE SECURITY
The blockchain technology is built in a completely different manner where each and every information it is stored in the form of blocks and then it is copied enormous times within the database. This feature is what makes blockchain technology one of its kind because it not only ensures the safety of the data by copying it several times but also makes it hard for hackers or frauds to steal any block of data. This is so because the fraud may take away a single block of information but it’s impossible for him to steal each and every copy from the whole database.
Blockchain technology, along with its extraordinary features and much-simplified operations is very soon going to replace the traditional method of transactions.
Let’s wait and hope for a much more simplified and Secure Future.