The emergence of blockchain technology has changed the development of global digital payment system business. With the impact of new cryptocurrency projects on banks and other financial institutions, many companies are forced to start making changes to their systems.
In the traditional financial system, the regulator will monitor your operations in order to maintain the integrity of the system, and the process will incur large costs and may be full of fraud. But the blockchain system gains integrity by incentivizing the best interests of the system and allowing anyone to verify it.
Blockchain and cryptocurrency are integrated into all walks of life to solve traditional solutions with safer and more efficient technologies. Although it is well known that it cannot replace cash, it may have the opportunity to replace or cooperate with traditional banking systems. Blockchain as an important innovation field of financial technology, can it replace the traditional banking system in the future?
The operating idea of the blockchain system is to replace traditional solutions with payment infrastructure with a higher level of security and efficiency. At present, major mainstream practitioners seem to have to face "either adapt or die."
The overall development trend can be said from four aspects:
- Decentralized features, no need to rely on a third party, transaction Sudujia is fast
- As a representative of the blockchain, Bitcoin has a higher safety factor and more and more application scenarios.
- Cross-border transactions can effectively evade the SWIFT settlement system. As a sovereign country, it can avoid US economic sanctions and hegemony threats
- The key factor is lower transaction costs, and future transactions will be faster without waiting.
I am very confident that blockchain and Bitcoin will replace the existing banking system in the future. The unfriendly policies of many countries also fully demonstrate that their interests are threatened, but the development of the times is unstoppable.