How Blockchain Apps Solves The Current Banking Issues?
Today, the most common issue faced by every another person in the banking system is high transaction fees, double spending, internet frauds, account hacking, financial crisis and crashes. Blockchain apps come as a rescue to these threatening problems and help us tackle these issues smartly with the following ways:
- Decentralized system
The Blockchain system follows a decentralized approach where everyone who is part of the system is responsible for the upsurge and downfall of the system and holds some power unlike banks and financial organizations which are controlled by central authorities.
- Public Ledgers
Imagine ledgers as a publicly accessible database that holds the details of all transactions which take place in the Blockchain, in exception, the details of the people involved in the transaction remains anonymous.
- Low or No Transaction Fees
Usually in Blockchain no transaction fees is applicable but in some variants Blockchain charges minimal transaction fees that is relatively quite less than the whopping amount implied by the banks.
- Verifying and Validating User
Every ledger is cross checked to verify the transactions and the validation signal of the transaction is sent after a few minutes. Through this encryption method, Blockchain eliminates the problem of double spending.
If such reliable, secured and legalized technology exists in this era, why not provide a secure data exchange platform to all transactions involved in your supply chain system? Consult our Blockchain app development experts for further information.