How Blockchain and Crypto Are Disrupting the Financial sector

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How Blockchain and Crypto Are Disrupting The
Financial Sector

• The finance sphere is undergoing a radical shift.
  Organizations across the globe are left with no
  choice but to adapt and conform to the evolution
  of the financial systems. People all over the
  world are expecting significant changes in the
  way money is transacted and managed in the
  future.

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• A blockchain is a time-stamped series of an
  immutable record of data managed by a cluster of
  computers that are not owned by a central
  authority. A blockchain is transparent, and
  everyone involved is accountable for their
  actions.
• Cryptocurrencies are digital or virtual
  currencies secured by cryptography.
  Cryptocurrencies can also be thought of as
  decentralized networks that are based on
  blockchain technology.
• In this article, we will understand how using
  blockchain and cryptocurrency in finance will
  make a huge difference to the whole system.

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Reinvent The Transfer Process

• To make a financial transaction today using
  national currency, there is always the
  involvement of a third party like a bank or
  credit card firm. This involvement refers to the
  administration and transaction costs to the
  beneficiary and the payer. Using a blockchain
  system for money transfers will remove the need
  for the involvement of third parties.

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• This will then become a peer-to-peer transaction
  that does not involve administration and
  transaction costs. This will help facilitate
  micro-transactions and higher rates of
  productivity. Eliminating middlemen from the
  money transfer process will lead to the
  democratization of control mechanisms.

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2. Keeps Companies and Individuals
Accountable

• If something goes wrong or if any mistake is made
  in the current financial system in terms of money
  transactions, the blame game will begin
  immediately. The fault can be with anyone
  company, bank, or the individual. A proper
  investigation must be conducted to find out what
  went wrong and who is liable. Most often, the
  investigations are lengthy and not objective.

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• This might lead to the involvement of other
  parties such as regulators, the justice system,
  and lawyers for reaching an agreement. There will
  be no need for an investigation if the
  transactions are carried out using a blockchain
  system. The transaction logs can be immediately
  checked to identify the issue and find out the
  person who is liable for it. This will reduce the
  time and costs of resolutions.

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3. Inclusion Of Billions of Unbanking Individuals

In the Global Economy

• According to estimates, approximately 2 billion
  people across the world do not own a bank
  account. This implies that 2 billion people are
  shut off from the rest of the world, from the
  entire global economy. They will not have access
  to banking services like debit or credit cards,
  loans, investments, and the chance to save money.
  Blockchain and cryptocurrencies already provide
  access to some of these services.

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4. Loss Of Government and Institutional Control

• Everything related to finance today, right from
  interest rates to the amount of money people can
  withdraw from their personal bank accounts, is
  controlled by governments and financial
  institutions. Blockchain gives people full
  control of their financial assets. As we all
  know, money is power. Less control over money
  would imply less power to governments and
  institutions. This will facilitate the equal
  distribution of wealth and diminish financial
  inequality drastically.

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5. Giving People Control Over Their Money

• We are all living under the illusion that the
  money deposited in our bank accounts belongs only
  to us. But under certain circumstances,
  governments have the right to freeze bank assets
  as they please. Allowing minimum access to money
  leads to the bankruptcy of countless individuals
  and businesses. Blockchain helps eradicate this
  threat through the absence of third parties. This
  allows users to start functioning as their own
  bank.

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Conclusion

• The ability of innovation and imagination to
  change the world must never be underestimated.
  The popularity of blockchain and cryptocurrencies
  is increasing more and more every year. I hope
  you have now gained an idea about the use of
  blockchain and cryptocurrency in finance. To
  learn more about blockchain and cryptocurrency
  certifications, check out Blockchain Council.

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Blockchain Council Certifications

• You can check out our certifications, and kick
  start your career in the Blockchain space today.
• Certified Blockchain Expert
• Certified Blockchain Developer
• Certified Smart Contract Developer
• Certified Solidity Developer
• Certified Ethereum Developer

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