Blockchain or Banks: Which has a Better Security for Financial Transactions?
By now, it’s highly likely that most of us understand how Blockchain technology has dramatically changed and how the world operates considerably. The Blockchain system is an openly distributed digital ledger technology behind the cryptocurrency industry. According to Alex Tapscott, the co-author of the Blockchain Revolution, the Blockchain technology is changing the concept of banking […]The post Blockchain or Banks: Which has a Better Security for Financial Transactions?
Read more: https://www.trackcoinmarket.com/en/crypto-news/33301/blockchain-banks-security-financial-transactions
No system abounds without it's different flaws,with that being said we've all been using and still use our conventional banking system when storing our finances,and how many of us have lost our money through it???.. Only maybe a handful, the traditional banking system is safe,secure and almost impossible to fall prey to hackers By now, it’s highly likely that most of us understand how Blockchain technology has dramatically changed and how the world operates considerably. The Blockchain system is an openly distributed digital ledger technology behind the cryptocurrency industry. According to Alex Tapscott, the co-author of the Blockchain Revolution, the Blockchain technology is changing the concept of banking […]The post Blockchain or Banks: Which has a Better Security for Financial Transactions?
Read more: https://www.trackcoinmarket.com/en/crypto-news/33301/blockchain-banks-security-financial-transactions
What the blockchain brings to the party is more transparency,as it operates on a public distributed ledger,open for everyone to see.
It also stores information in them that are unalterable,informations of every transactions undergone since day one
But the system is not also without it's various flaws,due to anonymity,scams are the other of the day in the system,though there are numerous ways to avoid them
As regards which is safer I'll have to go with the banking system,due to its age long presence and stability,but the blockchain is coming along pretty fast and hopefully they both can work side by side for far more effective and efficient transactions