The blockchain technology is a decentralized chains of distributed ledgers that record digital asset’s transactions. It does not require any central authorities such as banks and the Central Banks to work, with its features and technology, blockchain can effectively eliminate a lot of inefficiencies in the market.

Blockchain technology is immutable in a sense that it is virtually impossible to change a transaction, including altering or deleting transaction records. Therefore, it is often regarded as a way more secure technology than we otherwise have.

uilding and obtaining trusts have been one of the biggest problems FinTech companies face. Big financial institutions such as banks have the resources to market themselves and hire external help to build trust with the public and FinTech companies usually do not. Blockchain can level the playing ground, resulting in a more secure and competitive market for consumers.