What are the main differences between blockchain and traditional banking?

What are the main differences between blockchain and traditional banking?

Blockchain is decentralized and transparent, while traditional banking is centralized and often opaque.

How does security compare between the two?

Blockchain uses cryptography for security, making it harder to hack, whereas traditional banks rely on firewalls and security protocols.

Which one is more cost-effective?

Blockchain can reduce transaction fees and costs by eliminating intermediaries, while traditional banking often has higher fees.

What about transaction speed?

Blockchain transactions can be faster, especially for cross-border payments, while traditional banking can take days.

Are there any risks associated with blockchain?

Yes, risks include regulatory uncertainty, technology vulnerabilities, and market volatility.