Blockchain tech could help preventing Frauds
- Well it's not a new thing to share that Blockchain technology can be very useful for preventing Frauds.
- Blockchain is a distributed ledger that has initially developed as an accounting system for Bitcoin Token. And later a no of altcoins are made using same blockchain technology.
- As blockchain update information across all users simultaneously which ensures that everyone operating that blockchain will get alert about any kind of alteration. It is almost impossible to do a fraud.
- But the big thing is that even government from different countries started recognising it as a way to fight corruption, as stated by blockchain specialist and also received support from bankers that
the adoption of blockchain by India's Bank could help prevent fraud such as the one that Punjab National Bank as disaggregated and transparent nature of the technology which update information across all users simultaneously would have ensured that various officials would have instantly been allotted to the creation of letter of Understanding.
- While SBI biggest Public Sector Bank already experimenting with blockchain for international transactions.
This is all for now, Thankyou guys for your visit. Feel free to post your comments.
Have a nice day, till next time see ya.... @singhrajat ☺
thanks for your post bro.
More importantly its taking the power out of the central banks hands
You are very right there On this your post and you have said them all. I and think it's the only way fraud can be eliminated thoroughly.. Nice post, how I wish I had a good Steem power, I would have giving you 100% of my vote.. Once again.. Nice post
blockchain is the futuree txn for your post
Blockchain is future
It is first time to read about blockchain futures ,so thanks for this useful post with my hope for you more succeed
I hope to♥ visit me♥@hansal
More Fun&More Happy Life
With my love
<I agree and it is a very important part of this technology. - TRUST -
It is interesting that a lot of the initial drive to bring this technology forward was just that point, how to keep from being defrauded by government . If you read the white papers and look at who host these conventions and who goes it is people are trying to create a libertarian environment within in the financial sector.
Block Chain is not the only technology pushing the envelope on this there is Hashgraph https://www.swirlds.com/, RAIDA http://raidaq.com/#home and the RAIDA based currency CloudCoin http://cloudcoin.global/ .
I have to admit I was surprised that technology would be the great opportunity for liberty and financial integrity especially when you look at how Facebook is doing the exact opposite.
Good
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