Bitcoins.A form of digital currency done electronically.[Photo/ The sun.]A new report has shown that the blockchain technology could help financial institutions curb the corruption and money laundering that has prevailed in the cash economies.
The report which was released by the Economist intelligence unit EIU, has shown possibilities of the blockchain technology to stop money laundering considering that the money transactions cannot be tempered with or without overwriting all data in the system this ensuring your money is safe. Blockchain technology is a ledger of an online transaction with the digital form of cash whose generations and verification are regulated by encryption of complicated techniques.
The report further states that there will be reduced costs of the money exchange and transfer rates since their will be no government nor intermediaries involved in the transaction process.
“While these applications are experimental and pose regulatory difficulties, the core technologies can help to overcome some of the challenges of the existing financial system, such as money-laundering and corruption in a cash economy,” said EIU through its report.
The blockchain technology founded the backbone of new internet currency that has later seen the world's tech community, Bitcoin, finding other potential users of the digital currency technology.