#BlockchainTechnology #blockchaineconomy

Blockchain transactions affect traditional banking in several ways:

Improved efficiency. By automating verification processes and reducing manual intervention, blockchain enables faster and more accurate transactions. 
Cost reduction. Removing intermediaries allows financial institutions to streamline operations and reduce administrative expenses. 
Enhanced security and transparency. The tamper-proof nature of blockchain ensures transaction authenticity, making it nearly impossible for bad actors to manipulate data. 
New financial products. Blockchain supports the development of new financial products, including digital assets, smart contracts, and decentralized financial platforms. 
Greater financial accessibility. Blockchain is also expanding access to financial services. 
However, blockchain adoption faces significant hurdles, including scalability, regulatory uncertainty, and high energy consumption.