Why is everyone turning to blockchain?

There are more than 28 million blockchain wallets being used around the world. That is more than a 800% increase than the year 2015. So why is a great number of people adopting blockchain, a new technological advance?

Banks have been around for many years and in the past, one would have to rely on them to do any type of monetary transaction that was not a physical one. This meant depending on the banks, in addition to any other middle institutions, to make sure it all goes well. Not only are people relying on them to do their job right, but that means paying them fees over fees for it. One HAD to adhere to their rules, their times, and blindly trust their processes. So, what if they make a mistake? Would one know? Can one be sure that the funds arrived safely if one has no contact with the recipient? Not really. Banks will not share any information about their process that they don’t want to share. They have all the power over your money. And more importantly, all the power over the information.

Well, with blockchain technology one can have complete transparency and know that not only one entity with a certain set of goals (focused mainly on making the bank more money) has the control. But, it is a group of individuals doing transactions for the sole reason of doing them right to get their reward. They care about transparency, making sure everything goes well and providing accurate information about it. This benefits the overall consumer because this means that a person who had to rely on big entities (such as banks) to get their information, now has the power at his or her own hands.

Also, transactions are faster and more secure. While a bank can take days to process the transactions, blockchain can take only seconds to hours, depending on the blockchain being used. Not only that but the way the information is encrypted is pretty much impossible for someone to alter the transaction. In addition, new technologies are coming out in the way that it is now possible to send several payments (thousands even) through a single transaction. This could mean: payroll made easy and fast, for example.

As with any technology and financial transactions, there are many risks that come with it. Nevertheless, blockchain technology presents a new way to transact. It is up to the consumer to decide if it is better for them.