The future of financial online transactions or digital money transactions is going to get even smarter than now. The revolution started after 2008 with the advent of Bitcoin and the blockchain technology. And now it’s time for the layman to change their mindset, and understand the rich promise, and high returns they can get from the use of blockchain accounts and the application of the system in transacting money.
Businesses reaching abroad always dreamt of a way for cash flow online without the intervention of banks, which could be a much safer, secure, and speedy way for transaction without much formalities, and discrepancies. This is not possible with blockchain. The crytocurrency dealing companies like Bitcoin, Bitgo, Ripple etc, have come up a great way to support the system, and made this possible.
Banks are no more needed, if you really want to use cryptocurrencies. You can also bypass many transaction charges, and other penalties etc, issued by the different world banks. Instead a much safer system, where trust is never questioned is now live and fully functional.
Executing businesses and transferring money, without letting banks play any role, is now completely possible, and this decentralized system of money transfer using cryptocurrencies has opened newer vistas for businesses.
A self auditing system
The best part of blockchain is, it’s self auditing, and the system has power to check on it’s health and working every now and then, and periodically, and whenever required. Thus each time a block is verified, the system also gets conscious and checked.
Transparency and non-corruptible
Blockchain will rule one day, and in a few years because of its properties of transparency, and non-corruptible nature. The info on a blockchain will be very visible, very public, and very transparent, and yet not readable or accessible because of the high level of encryption and the complex system involved in verifying the blocks.
It’s not the technology or the interlaying complexities that has made blockchain and its use uncommon among the layman. It’s actually the technical jargons and not much people explaining and talking about it, which is why many people who could have already started using blockchain for individual money management still stay back.
Diverse uses of blockchain
The technology was initially structured to facilitate online money transactions of digital currencies. But now many other potential sides of the technology have come up, thus bringing into popularity Ether, Solidity and many such companies.