In the past it was proclaimed that banking system will face stiff challenge due to advance method of monetary transactions coming into fruition, making transactions easier and swift. Such proclamation have come Live, and blockchain tech is the ideal tech franchise that have pose a major risk of reducing the activities of the offline banks.
Most of us knows the benefits surrounding the blockchain, we know its uses when it comes to Cryptocurrency. It has really facilitated crypto transactions swiftly, secured in a decentralized way without third party authority to our monetary assets. It serve as an intermediary to our coins, it processes the coins to reach its destination faster, provided their is no error in the address code we are sending to.
With the help of the blockchain being the central bank for all crypto transactions, we don't need to worry about creating bank accounts to put our funds inside. We simply have to save our funds using the blockchain connected platforms like the crypto exchange/wallet sites. Very easy creating wallets without much of our sensitive information like the way banks demands.
Another benefit of the blockchain is that, we stay in the comfort of our home without moving an inch moving our finance from anywhere around the world, which doesn't take much of the time for transactions to be completed. Provided we choose a coin that isn't congested due to its high level of customers and high gas fee charges. Lower coins like LTC, DOGE, BCH, TRX, DOT etc are simply fast when it comes to transactions in the blockchain server. It doesn't take more than 20 minutes for transactions to be completed around the blockchain.
Blockchain network is gradually taking over from banks, with time its percentage of ownership in monetray transactions will increase as more countries are seeing it as the future. I am hopeful it will take over as the main option of banking in the future, even if, it doesn't replace offline banking institutions entirely. But it will replace it as the in-demand option to command monetary transactions especially when many are enlightened around Cryptocurrency and becoming accustomed to trading Cryptocurrency.
Do you see blockchain network replacing offline banking system as the main option for momentary transactions?
