Blockchain and Financial Service
With the rise of the cryptocurrency, developer are finding the way to use blockchain technology in all the aspect of the life. Financial theorist argue that weather is a descriptive technology in Fianacial service. There are organisation and consortium finding blockchain solution for the financial service.
.jpeg)
Blockchain is chain of blocks containing transactions that are encrypted, thereby creating a ledger of transaction. There is no way to tempering with block. If block is created and add to existing block, then it will become permanent. Blocks are created by nodes, once a block is created by a node, then it is available for use by other node.
Blockchain technology can disrupt the financial service which we know and use today.
Most of the banking and financial system of the world is centralised database which is more venerable to the cyber attacks. If the hacker speech the one system then he have fullaccess of thesystem. What is blockchain system is the decentralized database so there is no possibility to temper the all blocks.
Blockchain can store in Akash kind of Digital information such as computer codes, programs , files, private key etc. Blockchain enables us to have smart contract.
Financial institution spent over 500 million dollar KYC. If KYC data is stored on blockchain then it can be accessed by our all organisation, which are allowed. So there is reductoin in KYC cost.
Blockchain have major impct on payment system. It would enable highest security and lower cost to bank on processing the payments.
There are so many use of blockchain. But all area implementation of blockchain is not easy and it will take time.
Make comment what you think about blockchain.
Follow, upvote and resteem
This post has received a 0.35 % upvote from @drotto thanks to: @irrahul.
You got a 7.69% upvote from @upmewhale courtesy of @irrahul!
This post has received a 31.25 % upvote from @steemdiffuser thanks to: @irrahul. Steem on my friend!
Above average bids may get additional upvotes from our trail members!
Get Upvotes, Join Our Trail, or Delegate Some SP
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by irrahul from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.
This post has received a 0.22 % upvote from @speedvoter thanks to: @irrahul.