How does blockchain work in financial system?
Dec 28, 06:12

Cryptocurrencies are based on blockchain technology. In simple words, blockchain is a distributed database made of several blocks which save data pertaining to transactions happening on the network. In the financial system, blockchain can be used as a decentralised, distributed and digital network to primarily secure transactions across systems. Some of the key advantages of using a blockchain network is that it enhances trust, privacy, transparency, and the traceability of information, shared across its network. Other than these, blockchain also helps in saving financial costs for financial companies who majorly invest in the security of the transactions.

What is blockchain