What is the purpose of blockchain?

03 Oct 2022 By PAYCEC

First, let’s see what induced people to create a new monetary system.

The problem with the centralized banking systems is that money is controlled by the Federal Reserve, not the general public. But “I don't even live in the US”, you might say. The truth is the US Dollar backs all currencies, and the model from the Bank of England and the United States has now been put in almost every country.

Meanwhile, blockchain is a financial system that allows people to swap values with each other without the intervention of a third party. So, the goal of blockchain is to put power in the hands of the people, not in governments or other centralized systems.

Blockchain is the technology that underpins cryptocurrency, which is said to be more advanced and secure than traditional databases. Not only does it power cryptocurrency, but blockchain also stores and records transactions in the banking, healthcare, and retail industries.

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