How Blockchain Technology Is Revolutionizing Financial Transactions

As the world keeps advancing and moving forward, I have come to discover that the way we are actually dealing with money and most expensive the financial transactions is evolving rapidly and that is majorly because of the development in the Blockchain technology. If you are a crypto lover, then you should be aware of the blockchain technology. Over the years, Blockchain have successfully been able to establish itself to be able to transform the financial transactions all across the world and even in Nigeria where I lived also.

As the world population keeps tending towards the digital space every blessed day, I will say my country Nigeria is among the first that is witnessing the digital economy and not only that but also how the Blockchain can be able to transform the financial services. Let me even go more deeper, what do I mean by Blockchain, this is a digital order that helps keep transactions that is happening all across the computers. One of the things that make Blockchain to stand out is the transparency. The transactions carried out on the Blockchain are visible to every user and not only that, it helps to remove what we call the middle men or centralised giant like banks, financial institutions and many more.

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Not moving to the real deal, how do Blockchain change the financial transactions? Well it is very simple. The first point is because it offers the fast and secure transfers we can ever desire on this space and this is really needed. Trust me, one of the most important advantage that Blockchain have is speed. Taking for instance my country Nigeria, it is kind of a frustrating process when you actually want to send money to someone outside of the country as it can take days and not only that but also quite so expensive.

But with the Blockchain technology and at the tip of one finger, you can make transactions far away and without not been delayed. The other benefits that Blockchain have to offer is the financial inclusion. Taking for instance Nigeria who have a huge population of people that does not have access to Financial services as it is common in the rural areas, but with the Blockchain technology, it has been able to allow those who can not have access to those financial services now with ease have access to it. In Nigeria, all you just need is a smartphone and good internet connection, you can easily have a Blockchain wallet and from there imitate any financial transactions you want.

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Then the last part I will make mention of is the aspect of the Transparency and Accountability. In fact for me, this is the key point that I love so much about the Blockchain technology. Been able to offer transparency when it comes to the financial transactions and this transparency have always helped to deal with fraud and even corruption. As a stakeholder, you can see where your money is going to due to the transparency and so it makes every financial transaction to be accountable. For me I will say it is really a big one that I did not always joke with actually.

Talking about the challenges in regard to the adoption of the Blockchain in Nigeria, I will say it is still in early stage and can still be improved on. Currently now there is a mighty war ongoing between the Nigeria government and the Blockchain space majorly the crypto space. Not only that, due to a lot of scams associated to the Blockchain space, a lot of Nigerians are still doubting the authenticity of the space and most times withdraw back to invest. But I am quite optimistic that in years to come, there will be massive adoption of the crypto space and this is just the beginning.