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October 26, 2018

Blockchain And It's Benefit in Finance

By RevInfotech

For Many Years, the internet has been the viral thing for Tech Professional, geeks, and Hackers but it covered too many aspects to consider one at the top. Machine Learning and Artificial Intelligence was the hot topic once and considered to be the leading technology with no competition for decades to come. But then we bumped into Blockchain. The simplest way to understand Blockchain is to know that through this technology we do not need any intermediate help for transferring our information or funds to anywhere we want.

 

The closest thing to Blockchain is Finance, the one which is most affected by its impact from its beginning since 2008. Suppose we spend a Hundred Rupees note on groceries from a vendor and then the vendor spent it on a haircut and then the barber decides to use that note to buy a new mirror. The guy who bought groceries will never know where his note went and the person who bought mirror will never know where that note came from. This looks quiet nonsense for a hundred rupees note but for the finances in banking and stock markets, this really sounds like a big deal. Through Blockchain we can know from where the hundred rupees note started and ended up where because Blockchain maintains this in blocks of decentralized information which establishes the first benefit of this technology that everything passing by is transparent. When we use banking for our financial aspects we make them use our money to be sent to someone else and in return, they take some portion of it for their services which is quite high. We put our money and personal information at risk in the hands of intermediates which can result in a big loss. It was a Devastating Miracle to be around when Equifax publicly revealed that approximately 1.5 million identities were stolen from their servers, which resulted in to be the biggest hack in human history. And before that, it was the Home Depot where a hacker gained access to over 50 million credit cards in less than a day. Bottom line is they are centralized information which means they are easy bait for hackers. For this Blockchain is a better option as it secures our information in our own hands and their financial transfer expenses are next to nothing. And these intermediaries are useless for the people who do not have enough money to use a bank account but perhaps everyone is on the internet these days so these excluded people can also attain the benefits of Blockchain. Once the data is saved in blockchain it is next to impossible to remove or rectify the data or aspects making it impossible for hackers to peek in. The peer to peer connection between the user and technology keeps everything transparent. The viral issues like bank corruption and black money can be reduced to none with the use of this technology. Nothing remains hidden as the information as the information remains to fix and untouched so there remains no way to hide or bug out some money from here and there if blockchain system is acquired by bank management.

 

The Blockchain is a new name in the world of technologies which can turn this world of "Internet of Information" to "Internet of Value". Even in the early stages, the technology has gained huge stardom starting with their very first application of cryptocurrencies. More areas of this technology are being discovered and used with each passing day. Once the technology is adopted and reviewed on a global level, it’ll ensure great change and transform the way we live today.

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