Blockchain technology for transactions has several benefits which we are going to elaborate further in the subsequent paragraphs. The major benefits include speed, cost, and security. To begin with, accuracy and speed of transactions using blockchain technology can be considered as the greatest benefit of any such system. Whether the payment is a central bank digital currency, a stable coin or a cryptocurrency, once transfer is made to a receiver, receipt confirmation will happen in seconds to minutes depending on the underlying blockchain Architecture. It can be said that all transfers are instantaneous. Furthermore, there are no errors that need to be corrected because, according to the statistics, the transaction records are correct. As reported by the North American Financial Managem

Question

Explain the advantages, if any, of the use of blockchain technology for completing transactions rather than conventional methods.

Answer 1

The use of Blockchain technology grants several advantages in the course of transactions such as being impossible to forge, no need for a central administrator, and security with robust synthetic encryption algorithms. The blockchain is free from many risks of transaction failure which can occur due to technical issues, account hacking or unauthorized access, daily transfer limits or any technical charges such as transfer fees.

Comments

No, I have never wondered if there's an easier way to complete transactions. Swiping my debit card was never difficult. I feel like the most difficult part of a money transaction is actually getting the person to pay you.

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Right, many problems in banking system......high transaction fees, and slow working process.