Have you ever thought about having a robust global financial system without the banks? When I say banks I mean both the central banks and the commercial banks. In as much as banks guarantee the safety of monies and other valuables, stabilize and regulate the financial space, they have become synonymous to exploitation and poor customer service.
When you look closely at the banking sector today, you will see that the major issues thriving in the system include high costs of loans and unnecessary bank charges as well as administrative and bureaucracy barriers. What is striking the most is the banking system is characterized by monopoly and politicization. It is centralized and can easily be manipulated to favor certain individuals and groups.
The solution to the issues experienced in the world financial system lies in the adoption and absolute implementation of blockchain and cryptocurrency.
The blockchain is a decentralized database that stores a registry of assets and transactions across a peer to peer network. It is basically a public registry of who owns what and who transacts what. The transactions are secured through cryptography and over time the transaction history gets locked in blocks of data that are cryptographically linked together and secured.
With the blockchain architecture today, two individuals who have never met can securely exchange value without the need for a third party like a bank or escrow agent who would usually charge exorbitant fees for such service. It also has an inherent ability to resist any form of malicious attacks that compromise the system. This is because the blockchain does not have a central point nor is it centrally controlled by any individual, firm or government.
The beauty of the blockchain is this; records are immutable and unforgeable. It is public and can be seen by anyone anywhere. Every record is replicated on all computers across the network.
Cryptocurrencies often referred to as digital assets, are designed to function on the blockchain technology. Cryptocurrencies offer a seamless solution since they are decentralized in nature and beyond the control of intermediaries like the banks, financial institutions or governments. Digital assets also ensure anonymity and absolute transparency automatically checking trust issues and uncertainties.
The fact is this; blockchain outrightly eliminates the banks and gives individuals financial freedom while giving them full custody of their money in the form of cryptocurrency.
Author: Donrep (Blockchain enthusiast and a cryptocurrency writer)
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