Page 56 - Demo

54means you can pay someone digitally without having to keep your personal information on the server of your bank, credit card issuer, or any other payment platform, essentially removing the risk of a data breach. Your payment record (or the payee%u2019s proof of ownership of the fund) is permanent and anyone can view it. Overall, blockchain makes the exchanges of value and assets quicker, safer, and less costly.One way to explain the concept of blockchain is the glass box analogy. Imagine a blockchain as a 24-hour bank with uniquely numbered glass deposit boxes. Everyone coming to the bank can see and verify the contents of each glass box. Anyone can put money in someone else%u2019s box if they know the owner%u2019s unique number. When a transaction occurs, everyone can see the changes in the contents in the boxes of the parties involved in the transaction. After everyone verifies the new contents of these boxes, the transaction is written in the record. As no one can tamper with the traceable, permanent record, and as the boxes are collectively monitored by everyone, this transparent system significantly lowers the risk of manipulation and fraud.Mitigating emerging tech risksBut all new technologies come with new risks. Because of their decentralised nature, which makes them almost impossible to hack, blockchains are IN SAFE HANDS