BLOCKCHAIN CRYPTOCURRENCIES WILL KILL BANKS
Blockchain is increasingly evolving and shaping the way things are being done in various facets of life. Talk about finance, education, legal, transportation, telecommunications, trade etc. Unfortunately it is another disruptive technology that is going to affect the way businesses are done. In fact it has already begun. I will take a look at how it will affect banking especially in the retail side for now. The main principle of blockchain technology is to securely record successful transactions on a general ledger seamlessly using cryptography. Another key area of blockchain is to make the transfer of value possible from one person to another in a secured network without the need for a third party verification or bank. What does this mean? It implies that, banks or clearing houses are going to be cut off in the transaction when it comes to movement of funds. Another area is the reduction of huge transaction fees that results in the movement of funds across ...