💛 Binancians…
Could Blockchain replace banks?
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So far we have managed our values through large intermediaries: banks, credit card companies, governments, social media companies, etc. And they are able to trust each other.
The blockchain represents a new platform where we can trust each other when it comes to exchanging data without the need for these intermediary institutions.
Blockchain is the technology on which cryptocurrencies operate, virtual currencies that are changing commerce by eliminating the presence of a third party to endorse a monetary transaction, as everything is recorded in this open and accessible blockchain of information for everyone.
In finance, the absence of a third party would help reduce transaction costs, as well as increase the speed of them. But at the same time, it implies the loss of prominence of the intermediaries that used to validate the validity of financial operations, such as banking and government.
The financial sector has been one of the first to be affected and large banks are already analyzing how to adapt to this technology and how to use it.
#blockchain #bitcoin #WORD #fyp