Did you hear that Blockchain is coming? Wait, what exactly is Blockchain? Is it related to Bitcoin? Blockchain is a disruptive technology that will fundamentally change banking as well as many other industries. Bitcoin is an electronic currency that uses blockchain to transfer funds from one party to another. Blockchain is a bank blockchain that uses distributed databases, math and cryptography to record transactions. Think of it as a system composed of many giant accounting ledger databases all synced with identical transaction information.
Each new financial transaction gets copied or stacked in sequence like Lego blocks. This means that it is virtually impossible to hack since it would be necessary to hack millions of databases.
A good analogy to blockchain is Napster, the peer-to-peer music sharing company in the s. Music fans could download song bank blockchain to their computers from the network but would also bank blockchain sharing their downloaded song files with other fans.
Bank blockchain confused about blockchain? Currently, the global financial system is enormous, but it is very cumbersome to transfer money. While you can send an email around the world in a second, bank blockchain money can take days bank blockchain even weeks to arrive at its destination. Financial intermediaries are required to transfer any sum of money, each of which bank blockchain a service charge.
These financial middlemen are more often the victims of fraud than the rest of the economy, which results in greater regulation and higher costs for all parties involved. Blockchain will reduce the number of middlemen while increasing security, both of which will reduce costs. Blockchain will increase the velocity of money, which will increase cash flow and capital investments.
Blockchain presents a double-edge sword for banks. On the one hand, it could potentially save banks billions in cash by dramatically reducing processing costs. Banks are salivating at the opportunity to reduce transaction costs and the amount of paper that bank blockchain process. Implementing blockchain would make banks increasingly profitable and valuable.
Alternatively, the opportunity to start a bank with lower costs has attracted bank blockchain new fintech startups to the market. Banks are also hedging their bets by directly investing in fintech startups. Bitcoin is an electronic cryptocurrency that uses blockchain technology to transfer money.
It was founded in by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto, which is probably an alias. Bitcoin transactions are verified by network bank blockchain and recorded in a public distributed ledger called the blockchain. It has no central depository, which makes it decentralized virtual currency.
The amount of bitcoins will become fixed in at 21 million bitcoins. What will be the result of blockchain? I predict that blockchain will dramatically reduce inefficiencies in the financial marketplace. Banks and financial institutions will take advantage of blockchain benefits bank blockchain incorporate many of the advances being bank blockchain by fintech startups.
Banking costs for consumers will decrease and there will bank blockchain reduction in fraud. If you want to learn more about the blockchain or bitcoin, I suggest you follow key fintech influencers like Jim MarousChris Gledhill and Spiros Margaris.
They are very active influencers who share many interesting articles about the blockchain and bitcoin as well bank blockchain related articles about fintech and artificial intelligence. Want to continue learning about the future bank blockchain banking? Download our free eBook, Emerging Technology: The Future of Banking. Why will blockchain become popular? Conclusion What will be the result of blockchain?
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