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The role of bitcoin and ‘blockchain’ in the ‘fintech’ future

The world of mobile payments continues to evolve to make it clear, along with the already classic credit cards, that in the nottoodistant future use money in cash willnot be the most common. Meanwhile blockchain, the technology on which it is based bitcoin, intends to revolutionize the financial world to stop, indeed, exchanges occur with banknotes and coins.

 

According to a recent study by the consulting firm PwC, 60% of banking professionals say to be already familiar with this Protocol that could radically change the industry. Not in vain, MSX points out that use would allow institutions to lower their expenses and, in addition, would facilitate transactions conducted with greater transparency, thus encouraging compliance with the regulation.

 

All thanks to the nature of blockchain. Technology does nothing more than create apublic accounting system which, at the same time, preserving the anonymity of its users. In addition, the Protocol provides security through private keys: it‘s the secretnumber that only the user has in your bitcoin wallet and allowing you to exclusivelyspend their money. As well, whenever there is a transaction through the use of thisprivate key, exchange of bitcoines is publicly reflected in blockchain, that kind of record book in which, in addition, any point remains unchanged over time and will beannotated for ever.

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