Blockchain technology, if used in money transaction services allows peer to peer transactions directly without the intervention of banks and government. For example, if I want to send money to someone in UK, my bank should approve the transaction and after that the receiver’s bank should also approve it. With Blockchain technology, this can be eliminated.
By this, there is no need to pay extra charges for the banks.
Processing of the transaction will be faster, because of no third party intervention.
There will be less frauds and money laundering incidents, because there will be a ledger of transaction available to everyone. This creates transparency.
If data has to be modified, certain number of miners should accept it. And hence, there will very less chances of data manipulation and hence results in high security.
Services using Blockchain technology will be too tough to be hacked.
Blockchain technology is not just limited to financial sector. This can be used in many sectors such as insurance, health sectors etc.
For example, in health sector, the health history of people, the medicines they take, treatments they have undergone can be stored using blockchain technology in a chronological order and can be shared with the doctor to provide a better health services to patients.
As data is stored in many computers, data loss is nearly impossible.
Land records can be stored using blockchain technology to eliminated the data manipulation and other frauds.
