Steemit Crypto Task Week 6: The Security Benefit of Applying Blockchain to the Banking System of Nigeria.

I had promised myself that I will be doing a lot of homework task this week but my health did not give me the chance to do as much as I would have loved to, but then I am so sure that a lot of steemit users are taking advantage of the programme by @steemitblog and the wonderful professors are doing all they can to make sure that people are getting rewarded.

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Today I will be doing the task by professor @gbenga and he has asked us this week to discuss about the security benefits of applying blockchain within any industry, I will be talking about the wonderful benefits of applying blockchain to the banking system in my dear country Nigeria.

The benefit of applying blockchain to the banking system of Nigeria.

I do not think I will be over mentioning if I say that Nigeria has an extremely corrupt system, virtually every sector in this country is extremely corrupt and I will begin with the banking sector. Definitely, we all require a bank account to ensure successful transactions and the movement of money from one person to another but the exorbitant charges on those accounts makes it really difficult to operate.

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Even when you go to the bank to complain about these charges, the bank always has something to say as a reason for the debit transaction and since the banking system is not transparent enough for users to see what is really going on with the account, most times we just stay calm.

The intervention of the blockchain is however making huge significant difference, with the blockchain, you can keep your money in a safe wallet without anyone tampering with the amount you have saved up there and without any type of charges at all, no wonder the financial institutions in my country are fighting very hard to go against blockchain in the country.

With a lot of users finding out about blockchain all the time, it is making young intelligent minds take their money away from the traditional banks and then put it on a safe system like the blockchain. The blockchain is totally transparent, the inflow and outflow of transactions can be seen by the user and no authority like the bank has the right to make unauthorized transactions on your account, the only person who has the right to initiate transfers on your account is a person who has the private key to your wallet.

Conclusion.

The banking system requires the intervention of the blockchain because the traditional banking system is a complete rip off.