CEO of Algorand Foundation‘This Staci Wardenmade statements about the role of blockchain technology in finance.
Staci Warden, CEO of the Algorand Foundation, Y ahoo Finance Live In a recent interview with the company, he stated that while blockchain is often seen as a ledger for tracking cryptocurrency payments, it has the potential to facilitate a wide variety of financial transactions. According to Warden, blockchain has the potential to accelerate international financial transactions much more efficiently than traditional banking systems, as it eliminates the need for intermediary banks.
Transactions are Faster and Safer with Blockchain
Warden also stated that blockchain works on a unique ledger system unlike any other. The CEO exemplifies this situation, saying that when a person in Brazil wants to send $10 to someone in France, the payment usually goes through the US banking system and FED He said it was exchanged. However, this process causes a fee cut of around 6 or 8 percent, and it can take up to four days for the payment to reach its target.
Warden in response, AlgorandHe pointed out that the same transaction between Brazil and France, using .
Claiming that speed is the key factor in this regard, Warden said that Algorand is currently running at about approx. 6,000that it can process the transaction and, later this year, in seconds. 10,000 stated that they plan to process. According to Warden, a transaction that can take quite a while to be processed through other systems can only be done using Algorand’s blockchain technology. 3.9can be completed in seconds.
WardenHe also highlighted the transparency advantages of blockchain technology, which allows transactions to be easily tracked, despite ongoing investigations into crypto companies for fraudulent activities.
Warden announced that blockchain-based financial transactions can be safe from hackers due to the decentralized nature of the blockchain network. Warden also stressed that a single ledger must be decentralized to remain secure.
