Decentralization is the process of distributing or dispersing functions, powers, people or things away from a central location or authority, The decentralization of blockchain can be achieved by creating a fault-tolerant, widely-distributed repository for assets that eliminates any single point of failure.
About 20 years ago, the internet was not in existence and communication wasn’t easy, neither was earning money. But it took the internet about these 20 years to hit a high note and be used globally, and it has improved the standard of living to a considerate amount. Apart from the internet, other things were generated alongside and one of them is blockchain. With blockchain, the world would be way further advanced in the next 20 years. It may take less than 20 years for blockchain to be accepted and adopted for global usage.
In a conference Cyberchain2019 held in Lagos Nigeria on the 31st August, Franklin Peters said that “For now, if your business is not on the internet, you will soon go out of business. But very soon, if your business is on the internet and not on the blockchain, you will most definitely go out of business” (paraphrased).
With the blockchain, data is decentralized. When you send a mail to a recipient using blockchain, no copy of the mail is left on your box, only the recipient will have that mail and it can’t be copied. The future of finance and economy is on the blockchain. Money can be created out of thin air. The solution to poverty is not by printing more notes (cause then the value of the currency will depreciate). Money in the blockchain can’t be inflated, it helps to tackle the problem of inflation. Decentralization clearly provides the most effective protection for your data assets.
Bitfxt is one of the world’s leading digital currency companies that creates a means for you to transact in any currency using digital currencies. Bitfxt believes that decentralised digital currencies like Bitcoin and Ethereum will fundamentally change how the world views and uses money: cheaper, faster and safer transactions; more privacy and freedom; a significantly better user experience; and ultimately, more equality through giving everyone in the world access to the same financial system, no matter who they are or where they are from, with this platform, you don’t need a bank account. If you have bitcoin in your e-wallet, all you have to do is move the amount you need to spend to the ATM card (that is provided by bitfxt called the boundless card). The platform lets you spend cryptocurrency directly using the ATM card given, Bitfxt systems will automatically convert the cryptocurrency to the equivalent of any currency you need.
Read: Deloitte Debuts ‘Blockchain In a Box’ (BIAB)
