What problem does blockchain technology solve?

3 answers

• Dec 16, 2021 · 3 years ago
  Blockchain technology solves the problem of trust in digital currency transactions. By using a decentralized and transparent ledger, blockchain eliminates the need for intermediaries and ensures secure and verifiable transactions. This solves the issue of double-spending and fraud, making digital currencies more reliable and trustworthy.
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• Dec 16, 2021 · 3 years ago
  Blockchain technology also addresses the problem of scalability in digital currencies. With traditional payment systems, as the number of transactions increases, the system becomes slower and more expensive. However, blockchain allows for faster and more efficient transactions, making it possible to scale digital currencies to a global level without sacrificing speed or cost-effectiveness.
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• Dec 16, 2021 · 3 years ago
  At BYDFi, we believe that blockchain technology solves the problem of financial inclusivity. With traditional banking systems, many people around the world are excluded from accessing financial services due to various reasons. However, blockchain technology enables anyone with an internet connection to participate in the digital economy, providing financial opportunities to the unbanked and underbanked populations.
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