Being faster, cheaper, safer and less error-prone than other technologies, blockchain could become fundamental to every electronic transaction, shows mega.online.
Blockchain is an electronic, distributed ledger that stores transactions in a chain of blocks, with each computer being part of the network holding a copy of the ledger. Thereby, there is no need for a trusted, central authority that validates transactions as every user has access to the full history of transactions and altered chains, for example, due to fraud, can easily be identified.
The principles behind the blockchain technology, however, can be applied to numerous tasks. The Spanish Santander Bank says it has already found 20 to 25 uses for blockchains in various parts of its business. With enormous consequences: “Ripple, the developer of financial settlement infrastructure, recently reported that blockchain-enabled technology could save 33 percent from the USD1.6 trillion in system-wide costs for global cross-border transactions,” says mega.online.