As we all know, over the years, technology has not just made life much easier but have brought to life things that only existed in one's mind, and ever since, there's been tremendous advancement in the world of technology, and then blockchain was born.
Blockchain is a combination of "block" and "chain" and this technology as we all know is a system that stores or records vital information or databases in a chain system, making it rather impossible for hackers to steal, modify or destroy that information.
But today I will be talking briefly on the benefits of the blockchain technology in the financial world.
The Blockhain has some major advantages in the financial sector of the world, and I will be highlighting 3 major points.
Cost reduction:- Take for instance, due to higher charges from financial institutions or even financial advisers, most investors shy away, but the blockchain technology liason with the traditional financial system grants investors a lower charge fee and better turn out on their investment.
And also financial institutions which adopt this technology, will not just have the enability to a very effective low cost service, but will also make such institution stand tall above other competitors in the financial market system.
Seamless speed:- An example is the aspect of transferring money from one country to another, the traditional financial system has made this cumbersome often time, and in order to complete an international transfer it usually have to go through a 3rd party, as well as undergo several approvals, and in most cases could take days or even weeks to get the money across to the reciever.
A friend needed to send money to her mum abroad who was very ill and needed to pay for an emergency surgery some years ago, and due to the traditional system, it took longer than expected and her mother died before the money arrived, how sad.
And such case can never happen in this era of the blockchain, because making such transaction in the blockchain do not need a third party approval, and the transaction is completed in a matter of seconds, and this I must say is a major improvement.
Improved Security:- Though the digital world is home to several scammers which keep increasing by the day, the Blockhain technology sure helps to diminish this concern.
Asides the blockchain technology seamless speed, transaction made on the network are trackable and can be efficiently accounted for better than in a traditional system. Note that in the traditional system, there is always a high risk of fraud and a higher risk of information interception, when these informations goes through several intermediaries, and the "chain" in the Blockhain technology helps to avoid such errors, making it near impossible to be hacked thereby giving a user more confidence.
In conclusion
The Blockhain has come to bring about a massive and essential change in the financial world, giving room to more productivity, confidence and as well as room for more advanced research and development in the financial industry and I can say with utmost assurance that the best is yet to come.
Cheers