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Leo Barnuevo
Leo Barnuevo

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Blockchain vs. Traditional Banking:

A few days ago I made a blog about Blockchain and all the types of applications that it can have beyond financial ones, in that article we could see that *the greatest advantage of this technology is the security it provides. *

Therefore, this time I have decided to highlight the qualities of Blockchain specifically in the financial sector. Although if you have not read my previous blog, it is probably better for you to go to it before reading this because there I explain in greater detail the operation of this technology.

It is not a secret for anyone, that if we talk about security, the first thing we think about is taking care of our assets. It is not to be surprising, because we are in a world where for better or for worse, any intermediary who participates in an economic transaction will want to take part of its value, and even anything else from which it can take advantage of (our data for example).

Compared to traditional banking, Blockchain technology brings advantages, yes, and when I speak of advantages, I mean true benefits for users or clients and not disguised benefits.

Let's see the main strengths of Blockchain when we compare it from traditional banking

Security: Although we have already mentioned it many times, it is important to highlight, since there is no way to doubt it thanks to the algorithm and design of this technology.

Speed ​​and performance: The elimination of intermediaries and the insertion of computer programs that can sustain a high number of transactions and support interoperability between different chains, and also the reduction of bureaucracy in the processes makes it much more efficient.

Trust: By not having at our disposal the ledgers of banking entities and greater accessibility to all transactions within the blockchain, it increases our confidence that the procedures we carry out are not being manipulated or prone to fraud.

Therefore, banks are preparing for Blockchain due to the great impact it has had on the financial market, it will allow them to carry out transactions faster and cheaper, so perhaps they will offer us better solutions not only against hackers but also against their own disadvantages such as data recording manipulation, fraud, corruption or human errors.

On the other hand, due to the creation of new startups in the market, *Blockchain has become one of the technological areas that currently hire the most. *

The profiles requested are mainly professionals in programming, hardware and software architecture, and economic, financial, and legal experts.

For all these reasons, entering this world quickly or having experts to guide us through the entire process of changing the digital and economic paradigm can be an advantage for our future.

Are you already learning about this tech?

Let's talk about it in the comments down below.

You can also share your opinion on my Twitter @BarnuevoLeo or in my LinkedIn profile Leo J. Barnuevo.

What sector that can be tackled with Blockchain would you like to read about in my next blog?

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