Blockchain: The Answer to All Your Financial Burdens

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The global financial system handles trillions of dollars every day while employing millions of people to keep things running smoothly. It controls almost every aspect of a country’s economy, including the way personal finances work for every individual. However, the system is riddled with flaws that raise costs through fees and delays, create friction through duplicate and onerous paperwork, and provide chances for fraud and criminality. 

Every year, 45% of financial intermediaries, such as payment networks, stock exchanges, and money transfer services, are victims of economic crime. In fact, the overall economy suffers about 37% of the time from such crime, while the professional services and technology sectors suffer from 20% and 27%, respectively. Even the regulatory expenses are continuing to rise and have become a major source of anxiety for bankers. All of this has added up to costs, which are eventually borne by consumers.

As a solution, blockchain was created. Blockchain is a massive, globally distributed ledger capable of recording anything of value and running on thousands of machines. Money, stocks, bonds, titles, deeds, contracts, and almost all other types of assets may be moved and held safely, anonymously, and in a peer-to-peer manner since trust is generated not by strong middlemen like banks and governments but by network consensus of thousands of nodes, cryptography, and creative programming.

Blockchain is making the financial industry more transparent because a public ledger registers all user activities. This openness helps expose inefficiencies such as fraud, which is leading to problem-solving that