Blockchain technology
Blockchain technology is defined as the process of safe recording of information in such a way that hacking or changing it becomes difficult. It is also known as a digital ledger of business transactions replicated and spread across all computer system networks. The Blockchain has several chains, and each one of them contains various transactions. Each time there is a new transaction in the Blockchain, it is added to all the participating ledgers .in blockchain information is decentralized. The Blockchain prevents any tampering of transactions. For example, if hackers are to steal or tamper with any information, they will have to do it by changing each block in the entire system. Technology is essential as it ensures transparency and authenticity in all transactions carried out in the system.
After completing my degree course, I would want to work in the banking sector. As a banker, blockchain technology will affect my roles in various ways. This technology will be used to automate systems and processes such that any errors will be prevented. Through the technology, duplication in efforts, especially in auditing and carrying out checks, will be avoided. It will also be used to hold and provide historical records of each client on all the activities undertaken. Since this technology is trusted in the safe transmission of information, costs related to the processing of payments will be reduced. Also, time will be created on concentrating on the creation of new products.
Blockchain will enable the bank to spot and identify any irregularities, especially hacking activities. Technology in itself is evidence to show that the bank complies with the regulatory measures. The banking sector blockchain will enable direct payments and money transfer in the various banks. Through smart contracts, decision making would be very fast, and customers would be easily connected to their businesses. Though this technology has various advantages, its decentralized nature posses a challenge since most financial institutions prefer to keep its information strictly within itself.