Blockchain technology has made financial services much safer and more open. This is because it is built in a way that makes it hard to change information and doesn't rely on a single point of control.

Key Benefits:

1. Security:

   • Transactions on a blockchain are protected with codes and are marked with the time they happened.
   • This makes it almost impossible for anyone to change them.
   • Example: In 2020, JPMorgan Chase started using blockchain to make international payments safer, which really helped cut down on fraud.

2. Transparency:

   • Everyone involved can see the same information, which helps build trust.
   • Illustration: When blockchain is used in supply chain finance, it helps keep track of where the money goes. This leads to more responsibility and makes it easy to check where things came from.

In short, blockchain not only makes financial transactions more secure but also builds trust among everyone involved.