Lecturer, King Mongkut’s Institute of Technology Ladkrabang, Bangkok, Thailand
The world has always been deeply influenced by how our banking system works and continues shaping our life. This can be traced back through the history of money and how, always human fascination with its financial resources has helped to shape and making the financial system to meet its needs and more… This especially become significant when both public and private banks around the world are among the most important components in our life, whether we wish to pay for an online order or to pay a bill and business transactions are nearly impossible if banks are not involved.
Blockchain technology through cryptocurrency is re-establishing the concept of trust, autonomy, and control in the financial industry. It is opening a new era for banking as traditional transactions primarily rely on banks as central counterparties for support, technology, and storing information, blockchain technology uses a network of nodes for transactions which is quicker in terms of settlement times with ultimate privacy and fewer transfer costs. Despite some suspicion of blockchain transparency, it’s an essential alternative to harmonize and support businesses across the world with cheaper and more reliable financial support.
Blockchain technology via fair global regulations and policy could provide numerous benefits to all kinds of businesses and individuals. While the banking system can be misused on the wrong hand, blockchain would create a unique form of financial freedom unlike any other in the history of humanity. Blockchain technology has the potential to create power from the people and for the people to stand for their freedom, rights, and independence.
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