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Oscar Shepherd
by on February 7, 2019
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The invention of the blockchain has completely changed the way people do transactions. It’s led to trading in coins and has also changed the financial landscape considerably. Moniat is an Estonian company that specializes in cryptocurrency and Blockchain trading. The company also has its own cryptocurrency known as Moniat, which is an ERC20 token. The company even partnered with Flashat recently. As a prolific Blockchain company, the company wants to spread awareness about the Blockchain.
Definition of the blockchain
The blockchain is a technology that allows the storage and transmission of digital data. Thanks to a register containing each movement and meta-data of these movements, this technology makes it possible to know perfectly the origin of the circulating data.
It is sometimes compared to a big open book that everyone could view but nobody could erase a line or tear a page from. Each time a new transaction is made, its metadata is stored in a block that is linked to the rest of the blocks containing information about previous transactions.
Benefits of blockchain
No intermediary
The blockchain could revolutionize the monetary system because it no longer requires the intervention of a banking structure. With digital currencies using blockchain technology, it is possible to make transactions directly from the individual to individual without an intermediary. No need for a banker, an administration that notes and stores all the information concerning your monetary exchanges. All this information will be included in the blocks of the chain. Encrypted currency is, in a sense, its own banking administration.
Billions in Savings
According to a report by Goldman Sachs, the removal of all financial intermediaries could save billions of dollars every year to banking institutions, financial markets and many industries. The report talks about $2 billion for the United States and $6 billion worldwide. But many other sectors could also save very large amounts of money by using this technology.
A Dramatic Shift
The blockchain could also bring about a real transformation of what is today often called, mistakenly, the participatory economy or the sharing economy. Companies like Uber, Airbnb and Delivered have built their empire on this system of pooling independent workers and customers. These companies reaped profits by withdrawing a commission each time a service was performed. As explained by Ursine Digital, a blockchain technology could eliminate these intermediaries by directly connecting customers with service sellers. And all the administrative issues would be kept in the blocks.
Traceability and transparency
The information contained in the blockchain cannot be deleted or modified. Once an operation has been completed, it will remain etched forever in the chain of blocks: this allows to know exactly the path traveled by the information. This traceability and transparency is a great asset for banking institutions - and those who monitor them. With this system that could “revolutionize finance ", banks could regain the confidence of a part of the population.
Fight against fraud
Since fraud is often a matter of manipulating numbers and letters on paper, what better than a technology with which one could store all kinds of information without modifying it? The blockchain plays this role. Companies like Moniat are bringing about a fundamental shift in the way in which people perceive financial transactions.
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