Blockchain is a decentralized and constantly growing database that represents an account transaction record. Based on this definition, blockchain technology offers a cyber world to be used by everyone involved in the system.
Since the basis of blockchain technology is the trust mechanism, the sector that will benefit most from this technology seems to be the banking and finance sector. If we consider the issue through the global financial system;
It is almost impossible for blockchain technology to crash due to the use of Mathematics and encryption algorithms and the scattered transactions. Because of this feature, the financial world will switch to blockchain-based systems, they have started to do so.
With blockchain technology, interbank transaction fee costs will decrease.
While the transaction times of high amount money transfers are only a few days, there will be no time limitation with Blockchain.
Interbank paperwork and bureaucracy will be eliminated.
Since it is based on registration, it will be easier to keep track of where the resource (money) is received from. This will help combat money laundering and the informal economy.
Cryptocurrencies to be produced through the blockchain have started to take their place in the economy. Since the number of these crypto coins is certain, blockchain technology can change the concept of inflation in the economy.
Apart from the banking and finance sector, any sector based on the concepts of intermediation and contracting can be included in blockchain technology. Thus, objectivity, consensus and an order in which all system users can benefit will be established, and higher quality business processes will be created.
