Only within the spate of a decade, the blockchain decentralized payment system has done a lot more than we could have imagined. As it stands now, new projects with blockchain operating methods, are being nurtured and developed every day. The need for an autonomous system devoid of third party interference has become more pronounced, even right from the start of the first cryptocurrency- bitcoin. All of these new innovations are as a result of the dissatisfaction that has trailed the use of the regular financial institutions as we know, and have endured them for all the while we did.
Firstly, the blockchain technology has been able to largely reduce long and tedious transaction processes, which are somewhat the characteristics of the banks. Now, transactions involving payments can be carried out in few seconds once an internet connection is available. This is one exciting thing that users cannot but appreciate the technology. If the blockchain awareness increases and better protocols are able to solve the issues that yet exist on the technology, then we can expect a complete transition from the old ways we knew to handle money, savings, and investment.
Another reason why the digital currency world may take over the world is the transparency and immunity it provides. Since blockchain transactions are immutable and available to everyone on the network, transaction records are kept safe for reference purposes, where they cannot be manipulated. But then, considering this in a different way, there seem to be tendencies that the blockchain would massively facilitate fraudulent and corrupt money practices. This is likely since blockchain operations are not controlled or regulated by a central financial headquarter.
If the digital currency continues to gain speedy acceptance, then the stories we tell about the prevailing traits of our financial systems would have taken a new turn.