The Blockchain and The Banks in Transactions

Published by babarimisato 13 Jun

The Blockchain and The Banks in Transactions

The Banks have been our mode of saving for a very long time. Also, they have helped when it comes to buying with debit and credit card. I must say the use of debit and credit card in a centralized bank system have been of good until decentralization and blockchain came into being.

Buying in a centralized system.

People have been using the centralized system for a very long time. The bank made this easy with the implementation of the debit and credit card to purchase items. The bank now serve as a Middleman between the purchaser and the seller. When buyers want to buy products they give the debit or credit card to the seller who have to confirm from the bank who is the Middleman if the bank certifies that the user has enough funds in his account. The bank certifies the buyer and does this in the Close system. The bank do all this without anybody questioning or checkmating them. It is done in a centralised system.

The Decentralization Breakthrough.

Although the bank have been doing their best but the bank has taking over the right to owners right to their funds when they want it, without a middle man. With the rise of blockchain and cryptocurrency, user do not need a middle man what they need is to trust a ser of mathematical blocks being hashed by several block producers in a consensus.

The banking system is dying off