Mastercard/VISA will be worst hit with storm of Blockchain Technology evolution, it is important to understand that how much money visa/Mastercard make when you use plastic money to do the shopping.
If you are thinking you bank is charging too much interest on your credit card, your banks are not squarely responsible for this too high cost of transaction instead VISA/Mastercard plays big role in escalating the cost per transaction.
Visa/Mastercard are big fish in today’s financial eco system and connects each customer with bank; but, in order to facilitate network service, VISA/Mastercard charges a lot of money from the bank. Again, Since Bank don’t have golden pot, banks forwards these cost to customer with different names like higher interest rates and late fees. In Blockchain technology, there is no need of these central institution to manage the network and will help in drastically reducing the interest burden on customers. The ability of blockchain technology will both revolutionize and disrupt the banking world. Whilst we have already seen its potential in cryptocurrency (the column inches given over to Bitcoin having already changed the way we think about the global financial system), blockchain’s real value remains untapped and not expressed in examples that are accessible to a wider audience.
Blockchain has so much more to offer over and above a currency, that is seen to be outside of government control, or as an investment vehicle and (questionably) a store of value. The real power is in the blockchain ledger and how it could be implemented into more widespread everyday uses.
The underlying concept of Blockchain is that you can have secure ledgers (or databases) so it removes the possibility that disputes of fact need to be disputed. The security of the ledger comes from the decentralized nature of the ledger and that the rules for the holders of a copy of the ledger include that they don't get their value unless the ledger entries are correct. (they are incentivized to ensure it is accurate). I do believe that once block chain databases are adopted (or regulated) into certain industries that it will allow for the removal of disputes of fact. just a slight word or warning though there have been examples where block chain based ledgers have been manipulated. This is done through a large enough group of ledger-holders agreeing not to accept a "block" of transactions.
Once we start to look at the potential of blockchain in real-life situations like dispute processing, it will help banks to reduce interest burden on customer & will help banks to provide better services with affordable costs.
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