Blockchains allow frictionless, fast, safe, and fair transactions between parties worldwide. They limit the ability of parties to benefit at the expense of the greater economy. They allow integration of the entire world into a fair and level economic playing field. And will help us to create the fair, honest, efficient, and safe world we all want to live in says Paul Snow, CEO at Factom.com, in Bithub.pls #SundayInterview.
Is blockchain a breakthrough technology that can bring transparency to every aspect of social and political life? Or such a statement would be too far-fetched?
The key word in your post is "transparency", which is a distinctive characteristic of blockchain.
With regard to traditional banking - is there any chance to track the transactions of other players on the market? With blockchain everything is transparent, all the recorded info stays there and nobody can ever change it.
Governments and banks know that information and then they try to make it seem as if there is no way to know that information so even if some people do not like the transparency because they think that everyone can know what they have done, I think this system is better because it puts everyone on equal grounds while in the old system the only ones that have access to that information are the powerful.
Also I love the fact that the blockchain is immutable, this means that there are no chargebacks and while some see this as a disadvantage, they need to understand that if we had chargebacks then someone could steal money from our wallet and we will never be sure if the coins in our wallet are truly ours.