Review on Blockchain Wallet by Adedayo Adeniji
crypto wallets
The blockchain is a simple yet intelligent way of passing information from A to B in a fully robotized and safe manner. One party to a transaction initiates the process by creating a block. This block is proven by thousands, perhaps millions of computers distributed around the net. The proven block is added to a chain, which is stored across the net, creating not just a unique record, but a unique record with a unique history. Falsifying a single record would mean counterfeiting the entire chain in millions of instances. That is without exaggeration impossible.
Banks have adopted blockchain for digital payment system the likes of IBM,Deutsche Bank, Barclays Bank, BNP Paribas, etc.
It creates new market efficiencies by streamlining transactions and supply lines. By restoring ancient systems of trade where people can exchange items of value directly with one another, blockchain dilutes the power of central banks and the governments that support them.
I have found blockchain to be very efficient and appreciably secure.
Pros
- Greater transperancy
- Enhanced security
- Increased efficiency
- Improved traceability
- Speedy transactions
- Reduced cost
Cons
- Network insecurity
- Its entries are not immutable
