From the looks of all the happenings that are occurring in the blockchain world, it looks like it is set to revolutionize the world in the coming future. Communications Manager at Cindicator, a tokenized fintech project aimed at providing effective asset management through hybrid intelligence, Arina Zhukova shares her views.
Talking to BlockPublisher about blockchain, Arina stated:
…Blockchain can bring transparency to the fintech sector, as well as to many other sectors. That means curbing shady deals, unclear pricing, and corruption.
The transparency factor presented forward by blockchain technology is unmatchable. Due to the underlying distributed-ledger technology (DLT), all the records of all the happenings of a blockchain network is visible to all the participating parties in the network. The technology can prove to be a cure-all in frameworks where keeping track of all the activities is of utmost priority. If used properly, the financial sector across the globe can be completely revamped and reshaped.
Arina also added:
The decentralized nature of blockchain also can help to resolve issues related to centralized systems and centralized governance, namely manipulative management and the security of stored data.
Manipulation by external factors has been a major issue in almost all the centralized frameworks across the world. In a centralized flow of work, users have to hand out their sensitive information to the central authorities in charge. A hack on the central authority carrying all the sensitive information of the users can prove to be disastrous.
In a decentralized peer-to-peer blockchain framework, the ability of a central party to control all the operations is taken out of the equations. Users have the authority of the network overall. There is no need to hand out personal and sensitive information. All the transactions and activities are transparent and hence, a tamper-proof and secure fabric is established for the users. With services of central authority taken out of the picture, the costs associated with it also mitigate. As Arina stated:
Blockchain technology can also help to cut out intermediaries and save costs (this depends on the cryptocurrencies used, obviously, but transferring large payments will most likely be far cheaper than with traditional banking).
The prospects offered by this nascent technology are limitless. The features of anonymity, security, transparency, and elimination of third-party intervention certainly make it stand out among the rest. The financial industry and governmental workflows across the world can be completely revitalized if this technology is used properly.