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It allows you to make financial transactions in a secure and reliable way. One of the main advantages of Blockchain is that it allows financial transactions between two participants safely and reliably. There are no more intermediaries involved, but the users themselves have control over their information and the entire transaction. This information is distributed in multiple nodes that are independent of each other. These register and validate it without having to know the other participants.
It is transparent and at the same time private
With this technology transaction are more reliable for two reasons: they are transparent and also private. The movements, although they cannot be modified, are integrated into the network as a whole and are public, i.e. they can be viewed without problems by each of the parties. At the same time, data from transactions between the parties are private. The information flow does not exist since the design is based on a block of chained codes.
The data are impossible to falsify
Another great advantage, which makes it even more reliable, is that once the transaction data has been recorded, it is impossible to falsify it. They are immutable, that is, they cannot be modified or deleted. This is possible because it works with different forms of data verification, so the alteration of transactions by third parties is practically impossible. Besides, the database has a history of each transaction since the technology was created.
It is an immediate process
With banks, you have to wait a while for a transaction to be completed. With Blockchain, since there are no intermediaries, the process is immediate. The computer system used for operations works 24 hours a day, every day. Since the information is transmitted and saved automatically, there is no need to wait.
Information is never lost
Because many nodes are involved in its validation, the information is secure. Even if the network were to go down, the service would never be lost and would continue to function. Why? Only one of the nodes needs to be active. This is achieved thanks to the decentralized networks, which also makes it more resistant to malicious attacks since it does not have a central point of failure.
There are no errors
Banks can make mistakes in transactions, but Blockchain cannot. The data recorded in a Blockchain is always correct because it is constantly checked by a network of people. The information that is recorded is agreed upon by all participants and therefore there are no errors.
The transaction cost is low
One of the big problems for banks and currency exchange platforms like PayPal is the high fees they charge. These are imposed and there is nothing users can do against that if they want to use the service. Blockchain users can free themselves from high commissions since the exchange of assets with this technology usually has a lower cost.
Encourages globalization
With Blockchain, globalization takes another step. With this technology, there will no longer be any borders for transactions. You can avoid the tedious paperwork and even export procedures, regardless of the currency, you will be able to trade goods and services in another country without involving so many intermediaries.
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