The fascination of cryptocurrency is reached its peak in the year 2017. The popularity and interest of the cryptocurrencies are increasing gradually. Hence, the cryptocurrencies powered by blockchain technology is applied in different industries including finance, gaming, supply chain, manufacturing, commerce, trade and more.

However, some of the countries have outlawed the use of cryptocurrencies intending to prevent fleeing of capital and the potential for losing grasp over fiscal control of the government. On the other side, other countries are embracing this advanced technology.

Meanwhile, financial institutions have been the main actors in the embracing of Blockchain technology and put into practice to ease the movement of money and assets, nationally and internationally.

However, cryptocurrencies and Blockchain are revolutionary for several reasons. But, there are few special features that should first be understood by everyone. Decentralization relates to the prospect that the ecosystem of a specific currency is not manipulated or managed by a single entity. Perhaps, this is the most significant attribute of the decentralization Blockchain.

The security, reliability, and accessibility are the other few traits of Blockchain technology which are quite mind-blowing. The profits of decentralization of money have a gigantic potential to beneficially impact society and economics. The businesses and organizations do not need to rely on the central authority when you are using Blockchain technology. Everyone can access financial transaction feasibly with their single database. For Instance, money can be transferred from one bank to other on a single database conveniently rather than multiple databases. Furthermore, centralized databases are defenseless to loss of data, hacking, and corruption.

On the other side, Blockchain technology does not comprise a central database. Hence, the data is stored to every computer that is associated to the network working a full node. Another important aspect of Blockchain-powered cryptocurrency is transparency. The transaction processed or recorded on a Blockchain technology cannot be deleted or replaced. Therefore, all the computer systems linked to the network can access them.

Subsequently, the usage of Blockchain technology eliminates the involvement of intermediaries or third parties. As we know, today we completely rely on trusted fiscal institutions to facilitate the monetary transactions with others. However, this technology makes peer-to-peer money transfer instantaneously by dodging mediators from the equation.

For instance, currently, people are experiencing the different products and service using cryptocurrencies as a unit of exchange. Adopting cryptocurrencies as a unit of exchange has its major benefits. Few big companies like Square, Ultimez technology, Namecheap, InstaSmarter APMEX and many more are accepting cryptocurrencies for their services.

Read More at Big Companies Accepting Cryptocurrency Payments

Reportedly, a number of substantiation is available indicating how Blockchain technology is being implemented among the most vigorous monetary institution in the world. It has been said that major banks stepped forward to adopt Blockchain technology to process the data securely.

A report from the World Economic Forums says that four out of five banks will be using Blockchain technology in the year 2018. Therefore, the process has initiated with the initiative of JPMorgan Chase, UBS, and Microsoft and other giant fiscal institutions. These three giant industries are created the Enterprise Ethereum Alliance and looking forward to creating private Ethereum-based Blockchains. Few other industries who have started their journey into Blockchain world are BNP Paribas, CitiBank, and Societe Generale.