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Each day, the global financial system serves billions of people by moving trillions of dollars. However, the financial system is faced with numerous problems such as crime and fraud, delays and fees, and onerous and redundant paperwork

According to Jonathan Osler San Francisco, 45% of financial arbitrators like money transfer services, stock exchanges, and payment networks suffer from economic crime every year.

Through advanced cryptography, blockchain has revolutionized the finance industry to try and manage the risks within the global financial system. Here are 5 ways through which blockchain has changed the financial system;

1. Transparency

Transparency is the most important benefit that blockchain can offer, as it leads to a more efficient market. For example, a commodity trader can see exactly what his peers are buying and selling at any time. This transparency allows him to make better decisions based on the information he receives.

Also, traders don’t have to pay expensive intermediaries because they can utilize the blockchain for all their communications. The blockchain also stores the history of each transaction. As the data is immutable and verifiable, it is easy to audit, which can help an organization improve its compliance procedures.

2. Security

In the case of hacking, the use of private keys in blockchain ensures that funds are secured even if a hacker gains access to a wallet or when someone sends funds to the wrong address. Balances of digital currency are stored on a public ledger and these private keys are used to prove ownership.

As such, people trying to gain access to funds will only have access to the money from the public address but fail to secure the private key rights. This makes the coins that have been stolen redundant since they are protected by these private keys.

Blockchain technology uses cryptography to ensure absolute security and anonymity for users. In fact, not even the people who are developing these platforms know how it works in its entirety.

3. Smart Contracts

Smart contracts eliminate the need for third-party intervention in all kinds of agreements. They can be used in many different industries. They enable the exchange of money or other assets without any downtime, censorship or fraud.

They are similar to online banking, but without the middle-man. Once a contract is set up, funds can be sent immediately since private keys are not needed for this exchange.

4. Cost Savings

The cost savings that blockchain offers are immense. A single payment, for instance, can be split up and sent in parts to several receiving parties. Therefore, a bank doesn’t have to take all the funds from one person or organization, and then send it to the others involved in the deal. Also, a bank is not needed to execute transactions since there is complete control over the money through private keys.

5. Digital Currencies

If blockchain is able to increase transparency and security, then people will start using it more often. Since the technology can also make transactions faster and cheaper, then chances of new digital currencies emerging are high.
In fact, there are already several like Bitcoin, Ethereum, Tether and other digital platforms that use blockchain. However, with the rapid rate of innovation in this technology, Jonathan Osler San Francisco predicts more currencies emerging from this space.

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Telehealth stems from a lack of security over the collection, use, and sharing of data. The lack of security made it easier for patients to share their data with providers. It also made it easier for third parties to access their information as well. With no paper trail, patients and providers had no way of knowing whether or not their sensitive information was being shared.

To solve this problem, providers are beginning to incorporate block chain applications into their everyday routines. Blockchain-powered telehealth increases security while also supplying a seamless exchange of data between doctors and patients. A ledger is also kept of all data so that both parties are able to see who is looking at this data. This ensures that there are no breaches in security. This ledger increases consumer confidence in the system. Overall, this makes for a more reliable and beneficial experience for both patients and providers.

With all the benefits of blockchain, hospitals across the country should make the switch to a more reliable cybersecurity system.

Learn more about blockchain and health in the infographic below:

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What is the Appeal of NFTs? 

Digital files can be copied and downloaded by anyone, so why attempt to own one?  The secret lies in the blockchain element of an NFT.  Digital keys secure NFTs using the same technology that allows cryptocurrency to operate.  The public key serves as the ownership assignment while the private key authorizes changes in ownership.  The blockchain itself maintains a tamper proof ledger of transactions.  While digital collectibles can be copied exactly, ownership cannot.  The exclusive air of ownership is what appeals to people who purchase NFTs.

How NFTs Help Artists

Until their alliance with blockchain, digital artists struggled to make a living.  Even in the art world, digital artists had a harder time selling than their physical counterparts.  Difficulties abounded in proving they were the original creator of a work, monetizing art that would easily be copied, and preventing unauthorized usage of their work.  In the advent of NFTs, digital artists can fend for themselves.  They are able to add features that will pay them a cut of all future sales on their NFT.  They can sell art that would otherwise lack an interested market.  Most importantly, artists can prove they are the original creator of a digital file.

Thanks to artists paving the way, any digital file has the potential to be sold as an NFT.  Twitter founder Jack Dorsey sold an NFT of his first tweet for $3 million.  NBA’s Top Shot lets fans buy, sell, and trade licensed video “moments.”  NFT for Good is even harnessing the power of NFT to raise money for humanitarian causes.  The limit to what files can serve as NFTs is simply what the market will bear.

The Risks

As with any investment, NFTs do carry a degree of risk.  Beyond the loss and theft dangers inherent in both NFTs and cryptocurrency,  NFTs suffer the unique (for an asset) problem of link rot.  NFTs are deeds of ownership; they don’t contain the digital file itself.  The actual file is usually linked with a URL, and maintaining the URL depends on the web host.  If the host goes out of business or the creator redirects the URL, the file is lost.  While arrangements can be made, no single part is responsible for maintaining the file at the heart of an NFT.   What good is a deed of ownership for a nonexistent good?

It’s time to learn about the basics of NFTs. Learn more in the infographic below:

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