- 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.
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