The impact of blockchain on financial services from "summary" of The Basics of Bitcoins and Blockchains by Antony Lewis
The impact of blockchain on financial services is profound. It has the potential to revolutionize how financial transactions are conducted, making them faster, cheaper, and more secure. Blockchain technology provides a way to create a tamper-proof ledger of transactions that is distributed across a network of computers. This eliminates the need for a central authority to verify transactions, reducing the costs and time associated with traditional financial services.
By using blockchain technology, financial institutions can streamline their operations and reduce the risk of fraud. Smart contracts, which are self-executing contracts with the terms of the agreement directly written into code, can automate processes such as payments, asset transfers, and co...
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