Have you ever wondered what a blockchain company does? If you have, here’s the answer. They use blockchain technology to grow lists of records called blocks. These blocks are linked together with cryptography. Each of the blocks contains information concerning the block before it thus forming a chain (blockchain). Blockchain data cannot be modified once they are recorded because altering the data in one block will affect subsequent blocks.
Although blockchain companies are new to the finance industry they have made lots of remarkable transformations. Decentralized transactions are now more easy and secure. Via cryptocurrencies, blockchain has gained entrance into payments and transfer transactions around the globe. Some countries are already adopting it as a legal tender.
This article will be reviewing some key features of blockchain technology that have given blockchain companies an edge in the finance sector.
Key Features of Blockchain
Due to the way blockchain is built, provides a chronological and accurate history of transactions. Everyone in the network has a copy, therefore, it is difficult to alter transactions or add transaction that has not been verified. Altering any transaction would require one to change each copy in various locations.
Transactions are published and copied in various places by a wide range of participants who add transactions to the ledger therefore, there are several copies of the ledger. However, no one is in control of the ledger. The system is designed in a way that everyone’s ledger has similar information.
3. Money Transfers
Transferring money between countries is quite cumbersome with a lot of challenges such as exchange rates, different banking policies, and errors. Blockchain seems to have eliminated all that with the blockchain technology that allows users to transfer money via their mobile devices. The rates of cryptocurrencies are the same in every location thus exchange rates are not exactly a problem. With this technology, transfers are easier and safer.
With these key features, blockchain is fast revolutionizing finance, insurance, the government, and several industries. Several companies have embraced blockchain technology and are operating with them. Some of these companies are;
Bitcoin Mercantile Exchange (BitMEX) based in New York City is one of the world’s leading cryptocurrency trading platforms. It was launched by a group of ex-bankers with backgrounds from several industries ranging from finance to computer science and financial engineering. It currently hosts exchanges executed by over half a million customers.
BRD provides a platform for Android and iOS users to manage, transfer and purchase cryptocurrencies easily and conveniently. The app is very versatile and easy to navigate even for beginners. It gives users easy access to their wallets at any time.
SpringLabs uses blockchain technology of transparency and data ledger to aid the secure transfer of information between businesses. It allows users to verify identities and minimize fraudulent activities. This is made possible by the inbuilt safety capacity of blockchain technology thus making transactions quicker and faster.
Coinbase is a digital portfolio similar to a digital market that enables its users to trade cryptocurrencies. Their technology makes it easy to buy, sell and manage cryptocurrencies.
Cryptocurrency has been in the financial industry for only a decade now and it’s already revolutionizing the finance industry. If you haven’t started using it, now is the time to.