The blockchain is the latest technology applied to carry out financial transactions in a secure manner. Reducing fraud and solving processes in the shortest time possible. It’s represents a viable option to deal with cyber attacks and scams. Being a perfect and unforgeable book of records that allows the transfer of data with a complex and secure coding.
This system was designed for cryptocurrency operations, but stands out for making financial transactions safer. As well as reducing fraud, minimizing risks and solving processes in the shortest possible time.
According to https://bit.ly/2GA2hfv – “The blockchain has three essential pieces of data: the transaction timestamp, transaction details, and a new hash combining the hash and details of the previous transaction. Each transaction is then distributed throughout the network. With this process, a continuous encrypted record of the transaction is kept and becomes immutable once added to the blockchain.” –
On the other hand, the chain of blocks records all transactions. Giving the advantage that the data can not be manipulated and are verifiable without the need for intermediaries. Protecting the information at all times.
From now on the blockchain
It is predicted that by 2021, 25% of global transactional banks, 30% of manufacturing and commerce companies and 20% of health organizations will use blockchain networks.
While it is necessary to transfer value between two or more parties in a scenario of distrust, the chain of blocks will be relevant. It may be applied in elections, public bids, insurance policies and media, among others. The moment to chain trust in commercial relations and government-citizenship is now.
Blockchain technology is potentiallly faster and cheaper than traditional cross-border payments methods. Indeed, while typical money remittance costs might be as high as 20% of the transfer amount, blockchain may allow for costs as low as 2%, it olso guarantee processing speed and real-time transaction. This is one of the most promising and talked about areas of blockchain technology application. (For more info check https://bit.ly/2QP4qJV)
