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![image.png](https://files.peakd.com/file/peakd-hive/mango-juice/246bBZWVQzQeYfKaUnn4N3bsqDnjRBFkJCarjgRrkFjcMEkwRy6g5siTmcpjYszZLuZdn.png)


### Hello Lions!

See where science and [technology](https://leofinance.io/posts/@leoglossary/leoglossary-technology) has lead us. Since human's existence, they have engaged in developing and updating and the journey from making their first wheel to the latest [blockchain](https://leofinance.io/posts/@leoglossary/blockchain) or rocket science Technology, the journey is quite fascinating to learn about. Let's explore one of the most amazing technology of the 21st century, the [blockchain](https://leofinance.io/posts/@leoglossary/blockchain). Within the current decade, where technology is evolving at an astonishing rate, no doubt that two remarkable innovations that have captured our attention are blockchain and [artificial intelligence](https://leofinance.io/posts/@leoglossary/leoglossary-artificial-intelligence) (AI). While the Blockchain is revolutionizing various industries - especially in finance and [data](https://leofinance.io/posts/@leoglossary/leoglossary-data) science sectors, on the other hand, [AI](https://leofinance.io/posts/@leoglossary/leoglossary-artificial-intelligence) continues to grow significantly in generating art and doing simple level tasks like writing articles, editing videos an pictures, real like text to speech and picture animation is among the well knows tricks available on internet, but not only similar to that, AI is being used from defence sector to share markets and production systems as well. AI is even capable to make full fledged websites or apps and can even manipulate the digital and share market. Anyways, When these two technologies come and bond together, they hold great potential to change the modern world in an unimaginable way. In this article, I will talk about the fascinating world of blockchain and its real-life applications along with the practical advantages it offers us. 



#### Secure and Transparent Transactions with Cryptocurrency

One of the core implementations of [blockchain](https://leofinance.io/posts/@leoglossary/blockchain) in this world is the creation of cryptocurrencies like [Bitcoin](https://leofinance.io/posts/@leoglossary/leoglossary-bitcoin) or [Ethereum](https://leofinance.io/posts/@crypto-guides/what-is-ethereum-eth). [Cryptocurrencies](https://leofinance.io/posts/@leoglossary/cryptocurrency) are actually digitally created, stored and transacted as treated as currencies. This crtyptos utilize blockchain technology to ensure a secure, transparent and decentralized [transaction](https://leofinance.io/posts/@leoglossary/leoglossary-transaction) process system. Unlike traditional currencies, which are typically controlled by central banks and governments, cryptocurrencies rely on a decentralised and distributed ledger system in where, each and every transaction is recorded on a network of shared computers. This advanced digital ledger is immutable, which means once a [transaction](https://leofinance.io/posts/@leoglossary/leoglossary-transaction) is recorded in the log, it cannot be altered, edited or deleted. This transparency and decentralization helps it's users to reduce the risk of getting fraud and hacking and thus, making them an innovative modern solution for the existing [finance](https://leofinance.io/posts/@leoglossary/leoglossary-finance) structure and to develop a better future.


![image.png](https://files.peakd.com/file/peakd-hive/mango-juice/23uFu87tVShzcqAaPHA7NRLi5FZngUGGV8WCzZ1gkzuhDE16uu9dyHsUENgEXWNnAfXyX.png)

[Source](https://www.blockchain-council.org/blockchain/blockchain-security-a-need-for-todays-businesses-complete-guide-for-beginners/)

#### Blockchain-Based KYC for Faster and Safer Verification

[KYC](https://leofinance.io/posts/@leoglossary/leoglossary-know-your-customer-kyc) is a well-known process done by almost all of you reading and it means - [Know Your Customer](https://leofinance.io/posts/@leoglossary/leoglossary-know-your-customer-kyc) (KYC). It is a [data](https://leofinance.io/posts/@leoglossary/leoglossary-data) collecting process which is a crucial aspect of [financial services](https://leofinance.io/posts/@leoglossary/leoglossary-financial-services), where customers' identities are generally getting verified. Normally, this process involved a lot of manual paperwork and lengthy verification and process procedures. However, [blockchain](https://leofinance.io/posts/@leoglossary/blockchain) technology facilitates the KYC process much easier by creating a secure, decentralized and tamper-resistant [database](https://leofinance.io/posts/@leoglossary/leoglossary-database). Certain interested Financial institutions can use the blockchain technology to securely store customer information and effectively allowing for quick and efficient verification and checkup process. This will not only save time and resources but will also enhance customer privacy and data security on a new advanced level. Most global and local crypto exchanges require a multi-step verification including live 3d photo proof alongside valid documents like - Binance, Wazirx etc.


![image.png](https://files.peakd.com/file/peakd-hive/mango-juice/48PUp6XLnGzqkgP77osCwbJRRuM5eJQFe6bztxYN5v1neuVta56neff2tsyV7MmBzq.png)

[Source](https://medium.com/techskill-brew/blockchain-in-kyc-verification-part-14-blockchain-series-7204a5ce5488)


#### Decentralized Finance (DeFi) for Financial Inclusion

[Decentralized Finance](https://leofinance.io/posts/@leoglossary/leoglossary-decentralized-finance-defi) aka DeFi is another ground shaking application of blockchain that captured the investors well since its existence and it mainly aims to provide financial services to everyone, regardless of their socio-economic background. [DeFi](https://leofinance.io/posts/@leoglossary/leoglossary-decentralized-finance-defi) platforms help us to eliminate intermediaries like banks and other [financial institutions](https://leofinance.io/posts/@leoglossary/leoglossary-financial-services) which then allow its users to access services like lending, borrowing and trading directly. This demolition of centralized finance empowers individuals on a global level and especially those without access to traditional banking services in remote and not developed areas. [DeFi](https://leofinance.io/posts/@leoglossary/leoglossary-decentralized-finance-defi) also offers their users with a better control over their own funds, comparatively lower fees and increased financial autonomy while getting better investments than others. some of the famous cryptocurrencies related to defi are AVAX, AAVE, UNI, LINK and CRV. 



![image.png](https://files.peakd.com/file/peakd-hive/mango-juice/EogUd5Pcmxz4rx8VqfZZgb4yRuPKaKKRu8N7crHgobVB3WnYfCcCFyoFzMXU2x966AB.png)

[Source](https://hashstudioz.com/blog/what-is-defi-a-beginners-guide-to-decentralized-finance/)


### Advantages of Blockchain Technology

#### Security and Immutability

[blockchain](https://leofinance.io/posts/@leoglossary/blockchain)'s core and fundamental strength deeply lies in its unmatched security and immutability. Each transaction that executes here is cryptographically linked to the previous one and thus, forming a chain of [blocks](https://leofinance.io/posts/@leoglossary/leoglossary-block). Once a particular block is added to the chain, it becomes virtually impossible to edit, alter or delete any past [transaction](https://leofinance.io/posts/@leoglossary/leoglossary-transaction) which certainly makes the blockchain technology very much tamper-proof. This robust security feature also enhances the real trust and confidence in these financial systems which prevents fraudulent activities and ensures [data](https://leofinance.io/posts/@leoglossary/leoglossary-data) integrity.

#### Decentralization and Transparency

Its a well known fact that Decentralization is one of the main pillars or keys of blockchain technology. Instead of relying on a central authority like banks or institutes, blockchain tech. operates on a distributed network of computers, also being often called as nodes. This decentralization nature helps to eliminate single entities or companies to control fully, making the system more resilient with authority and less susceptible to hacks. In addition to that, this transparent nature of blockchain allows all participants to view and verify every ongoing and finished [transaction](https://leofinance.io/posts/@leoglossary/leoglossary-transaction)s which further promotes for the accountability and trust among users.

#### Efficiency and Cost Savings

By removing intermediary bodies and automating the whole processes and digitally, blockchain significantly reduces the total transaction time, execution process and costs. While traditional financial transactions often involve with multiple intermediaries, each charging separate fees for their paid services, on the other hand, the blockchain facilitates direct peer-to-peer aka p2p transactions and thus minimizing the need for middlemen, which certainly helps users cutting down costs. This efficiency can revolutionize various sectors including cross-border payments, supply chain management and record-keeping.

### Conclusion

Last but not least, I would just say that let us embrace this technological evolution with a heart full of enthusiasm while knowing that the [blockchain](https://leofinance.io/posts/@leoglossary/blockchain) tech is a stepping stone to a future with a brighter and more connected world. The future is indeed in our hands and I personally believe blockchain will play a pivotal role in shaping it for the better. So, let's witness this journey of innovation, where the power of blockchain and AI combine to create unexplored opportunities for a more better tomorrow. I hope you liked reading my post, please let me know your thoughts and opinions about this topic and I will be seeing you all in my next post.

### Join Leofinance for free - https://leofinance.io

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Posted Using [LeoFinance Alpha](https://leofinance.io/@mango-juice/advantages-of-blockchain-technology-in-finance-sector)