With the advent of new technologies like Blockchain, the expectations in the world of financial transactions have changed a lot. With the existence of these new technologies, the possibility of making financial communications and transactions will amazingly enter a new level. The features and capacities they offer are very different from past technologies, and this has focused a lot of attention on Blockchain and cryptocurrencies. But hopes have been followed with some pessimism and concerns. For example, financial institutes feel concerned about the condition of their future and perhaps look upon Blockchain and cryptocurrencies as threats. In any way, what is evident will be the changes that will take place in the world of payments due to the advent of new technologies.
Cryptocurrencies against Banks
Cryptocurrencies are the most well-known achievement of Blockchain technology and can bring more speed, precision, and security to the world of payment with their presence. With the growth of news and the fame of these currencies, financial institutes and banks need to look for a new mechanism for their business even if they do not want it. Not paying attention to new technologies can lead to these organizations lose opportunities and be removed from the field of activity. As a result, analyzing and paying attention to Blockchain and its derived tools are no longer a choice for banks and financial institutes; however, they are a necessity.
Changes on Their Way to the World of Payment
Colorful companies that are active in the field of local and international payment are among the most important markets and industries that annually circulate billions of dollars. Most of the financial transactions and economic communications that take place in the world are due to middlemen. Middlemen that receive hefty fees and in exchange for these fees, they have limitations like the speed of transactions. But with the existence of the Blockchain technology and the use of cryptocurrencies, this will be to a great extent resolved. Blockchain has a system through which huge financial transfers and transaction on a large quantity and within seconds will be possible. Such transactions take place without receiving hefty fees, and another very valuable point about them is that they do not have the limitations and boundaries of the current system which means there are no matters like sanction or time-consuming blocking accounts to circumvent security processes. Therefore, there will be a possibility for people from different countries from all around the world to access a reliable payment system.
The Perspective in Front of Blockchain in the Field of Payment
Blockchain and cryptocurrencies will soon revolutionize the world of payment. Creating equal opportunities for all countries of the world to partake in international trades and transfers is undoubtedly one of the best achievements of these new technologies. Of course such a thing will probably not be so pleasant in the eyes of many world powers, or in other words, it is possible that some countries try to tamper with this technology. Currently, no country or state has seriously stood against these new technologies; caution is the policy employed by most of the actors in political and economic scenes against Blockchain. To see the different achievements of this technology we should be a little patient.
Monday, July 15, 2019 8:01:00 AM