Question

Please no plagiarism and must be in your own 500 words

How do you feel blockchain will change the global economy or will it? Explain your answer

Answer 1

Today, blockchain is one of the hottest topics in fintech, but many people don’t understand this technology and how it can change the world.

The most well-known application for blockchain is financial. It was once thought we would always need a third party, such as a bank or a government, to be able to trust recorded transactions or changes to financial data. Blockchains function essentially as new kinds of database technologies that allows the exchange of digital value without the need for third parties to maintain trusted records

As a primarily financial blockchain application, Bitcoin lets network participants confirm transactions without a need for a central party. All of this reduces risk and overhead for payments.

As new solutions, blockchain and blockchain payments can transform how financial systems work. Even some of the largest financial institutions like Goldman Sachs and JPMorgan Chase are seeing the value in using cryptocurrencies and blockchain to complement traditional services.