TOP ADVANTAGES OF BLOCKCHAIN TECHNOLOGY

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5 TOP ADVANTAGES OF BLOCKCHAIN
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M A K E S B L O C K C H A I N
S O S P E C I A L ?
W H A T
THE BLOCKCHAIN IS THE DIGITAL AND DECENTRALIZED
LEDGER TECHNOLOGY THAT RECORDS ALL TRANSACTIONS
WITHOUT THE NEED FOR A FINANCIAL INTERMEDIARY
LIKE A BANK. IT APPEARS TO OFFER FIVE DISTINCT
ADVANTAGES OVER EXISTING PAYMENT FACILITATION
NETWORKS THAT COULD MAKE IT A GO-TO TECHNOLOGY
FOR THE FINANCIAL SERVICES INDUSTRY IN THE
FUTURE.
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1 . T R A N S P A R E N C Y
THE BLOCKCHAIN IS THE DIGITAL AND DECENTRALIZED
LEDGER
TECHNOLOGY THAT RECORDS ALL TRANSACTIONS WITHOUT
THE NEED FOR A FINANCIAL INTERMEDIARY LIKE A
BANK. IT APPEARS TO OFFER FIVE DISTINCT
ADVANTAGES OVER EXISTING PAYMENT FACILITATION
NETWORKS THAT COULD MAKE A TECHNOLOGY FOR THE
FINANCIAL SERVICES INDUSTRY.
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2 . R E D U C E D T R A N S A C T I O N
C O S T S
BLOCKCHAIN ALLOWS BUSINESS-TO-BUSINESS
TRANSACTIONS TO
BE COMPLETED WITHOUT THE NEED FOR A THIRD PARTY,
WHICH IS OFTEN A BANK. SINCE THERE'S NO
MIDDLEMAN INVOLVEMENT TIED TO BLOCKCHAIN
TRANSACTIONS, IT MEANS THEY CAN ACTUALLY REDUCE
COSTS TO THE USER OR BUSINESSES OVER TIME.
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3 . F A S T E R T R A N S A C T I O N
S E T T L E M E N T S
WHEN IT COMES TO BANKS, IT'S NOT UNCOMMON FOR
TRANSACTIONS TO TAKE DAYS TO COMPLETELY SETTLE.
THIS IS DUE TO PROTOCOLS IN BANK TRANSFERRING
SOFTWARE, AS WELL AS THE FACT THAT FINANCIAL
INSTITUTIONS ARE ONLY OPEN DURING NORMAL
BUSINESS HOURS, FIVE DAYS A WEEK. YOU ALSO HAVE
FINANCIAL INSTITUTIONS LOCATED IN VARIOUS TIME
ZONES AROUND THE WORLD, WHICH CAN DELAY RUNNING
TIMES.
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4 . D E C E N T R A L I Z A T I O N
ONE MAIN REASON BLOCKCHAIN IS SO EXCITING IS ITS
LACK OF A
CENTRAL DATA HUB. RUNNING A MORE DATA CENTER AND
VERIFYING TRANSACTIONS THROUGH THAT HUB,
BLOCKCHAIN ACTUALLY ALLOWS INDIVIDUAL
TRANSACTIONS TO HAVE THEIR OWN PROOF OF VALIDITY
AND THE AUTHORIZATION TO ENFORCE THOSE
CONSTRAINTS.
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5 . U S E R - C O N T R O L L E D
N E T W O R K S
CRYPTOCURRENCY INVESTORS TEND TO BE REALLY
ENCOURAGED
BY THE CONTROL ASPECT OF THE BLOCKCHAIN. FOR
QUIETLY, AN INABILITY TO REACH A 75 AN OPINION
ON AN UPGRADE TIED TO BITCOIN'S BLOCKCHAIN IS
WHAT NECESSITATED A FORK INTO TWO SEPARATE
CURRENCIES MORE THAN FOUR MONTHS AGO. HAVING A
SAY GOES A LONG PATH WITH INVESTORS AND
DEVELOPERS.
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