5 top advantages of blockchain

5 TOP ADVANTAGE S OF BLOCKCHAIN

W H A T

M A K E S S O

B L O C K C H A I N S P E C I A L ?

THE BLOCKCHAIN IS THE DIGITAL AND DECENTRALIZED LEDGER TECHNOLOGY THAT RECORDS ALL TRANSACTIONS WITHOUT THE NEED FOR A FINANCIAL INTERMEDIARY LIKE A BANK. IT APPEARS TO OFFER FIVE DISTINCT ADVANTAGES OVER EXISTING PAYMENT FACILITATION NETWORKS THAT COULD MAKE IT A GO-TO TECHNOLOGY FOR THE FINANCIAL SERVICES INDUSTRY IN THE FUTURE.

1 .

T R A N S P A R E N C Y

THE BLOCKCHAIN IS THE DIGITAL AND DECENTRALIZED LEDGER TECHNOLOGY THAT RECORDS ALL TRANSACTIONS WITHOUT THE NEED FOR A FINANCIAL INTERMEDIARY LIKE A BANK. IT APPEARS TO OFFER FIVE DISTINCT ADVANTAGES OVER EXISTING PAYMENT FACILITATION NETWORKS THAT COULD MAKE A TECHNOLOGY FOR THE FINANCIAL SERVICES INDUSTRY.

2 .

R E D U C E D T R A N S A C T I O N C O S T S

BLOCKCHAIN ALLOWS BUSINESS-TO-BUSINESS TRANSACTIONS TO BE COMPLETED WITHOUT THE NEED FOR A THIRD PARTY, WHICH IS OFTEN A BANK. SINCE THERE'S NO MIDDLEMAN INVOLVEMENT TIED TO BLOCKCHAIN TRANSACTIONS, IT MEANS THEY CAN ACTUALLY REDUCE COSTS TO THE USER OR BUSINESSES OVER TIME.

3 .

F A S T E R T R A N S A C T I O N S E T T L E M E N T S

WHEN IT COMES TO BANKS, IT'S NOT UNCOMMON FOR TRANSACTIONS TO TAKE DAYS TO COMPLETELY SETTLE. THIS IS DUE TO PROTOCOLS IN BANK TRANSFERRING SOFTWARE, AS WELL AS THE FACT THAT FINANCIAL INSTITUTIONS ARE ONLY OPEN DURING NORMAL BUSINESS HOURS, FIVE DAYS A WEEK. YOU ALSO HAVE FINANCIAL INSTITUTIONS LOCATED IN VARIOUS TIME ZONES AROUND THE WORLD, WHICH CAN DELAY RUNNING TIMES.

4 .

D E C E N T R A L I Z A T I O N

ONE MAIN REASON BLOCKCHAIN IS SO EXCITING IS ITS LACK OF A CENTRAL DATA HUB. RUNNING A MORE DATA CENTER AND VERIFYING TRANSACTIONS THROUGH THAT HUB, BLOCKCHAIN ACTUALLY ALLOWS INDIVIDUAL TRANSACTIONS TO HAVE THEIR OWN PROOF OF VALIDITY AND THE AUTHORIZATION TO ENFORCE THOSE CONSTRAINTS.

5 .

U S E R - C O N T R O L L E D N E T W O R K S

CRYPTOCURRENCY INVESTORS TEND TO BE REALLY ENCOURAGED

BY THE CONTROL ASPECT OF THE BLOCKCHAIN. FOR QUIETLY, AN INABILITY TO REACH A 75% AN OPINION ON AN UPGRADE TIED TO BITCOIN'S BLOCKCHAIN IS WHAT NECESSITATED A FORK INTO TWO SEPARATE CURRENCIES MORE THAN FOUR MONTHS AGO. HAVING A SAY GOES A LONG PATH WITH INVESTORS AND DEVELOPERS.

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