Global financial transactions are in the throes of a revolution. The advent of blockchain technology has revolutionized how financial transactions are being done across the world. Blockchain is becoming crucial to the banks in carrying out international transfers, settlements, and trade finance, just to name a few. Blockchain is also proving to be a milestone for cross-border transactions due to its ability in simplifying complex processes, record-keeping, and verification. It’s no wonder that blockchain is being embraced by the financial markets faster than before.
The emergence of Blockchain during the global economic crisis
The emergence of blockchain is attributed to the global economic crisis when a new protocol using a cryptocurrency called Bitcoin was released for a “Peer-to-Peer Electronic Cash System” by a person named Satoshi Nakamoto. Cryptocurrencies are a new form of digital currencies that aren’t issued by governments nor controlled by them and are therefore quite different from traditional fiat currencies. Each cryptocurrency transaction is recorded in a globally distributed ledger called ‘Blockchain’.
Even Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, summarizes in his book on the Fourth Industrial Revolution thus: “In essence, the blockchain is a shared, programmable, cryptographically secure and therefore trusted ledger which no single user controls and which can be inspected by anyone.”
Use of Blockchain in everyday transactions
Blockchain is being adopted by the financial services industry at an aggressive pace. However, its use is much more beyond just financial services and is soon going to become a part of our everyday lives. This new digital ledger is being programmed by innovators in such a way that anything of value to humankind can be efficiently recorded. These include financial accounts, educational degrees, intellectual property rights, deeds and titles of ownership, marriage licenses, birth and death certificates, citizenship and voting privileges, insurance claims, medical history, location of portable assets, and anything else that can be appropriately expressed in the code.
How Bytus Private Blockchain eases everyday transactions
Bytus has also adopted blockchain technology in its unique way. The Bytus Private Blockchain has simplified the everyday transactions process and ensures open accessibility of all information to every user thus making it credible, transparent, and highly secure. Any transaction made by a user on the Bytus Private Blockchain network, right from the initiation to exchanging Bytus Token, is public information thus allowing for free transactions in the internal operations. The speed with which hundreds and thousands of transactions per second are made and the privacy have made the Bytus Private Blockchain popular in the crypto world and succeeded in attracting more than 1,000,000 retailers from all over the world.
The Bytus ecosystem comprising the Bytus Token, the Bytus Private Blockchain, the Bytus Wallet, and the Bytus Private Blockchain has made everyday transactions seamless. Making use of Bytus Token for purchases and selling with Bytus have made peoples’ lives easier than before. The facilitating of easy and instant conversion of crypto into fiat money through Bytus Crypto Bank without any transaction fees has nevertheless brought cheers and promises to make daily transactions simpler and convenient.