Hi Tim Knowles the benefit lies in a couple of areas:

1. faster processing of transactions and security because a Blockchain maintains a theoretically immutable record of all transactions.

2. when you pay using your credit card, bank pays the network an interchange fee . You also pay your bank a fee for providing you with credit. In an ideal scenario, blockchains will eliminate these fees. So, for you — buying things will get cheaper

3. Smart contracts may eliminate intermediaries such as brokers, lawyers. Thereby making transactions Cheaper

4. If you are remitting money abroad, it usually takes a week and banks charge you fees. Blockchains will make the transfer almost instantaneous and reduce the fees.

Writer @ The Intersection of Finance, Tech & Humanity. Stories of a Global Language: “Money”. Contributor @ Startup Grind, HackerNoon, HBR. Twitter@akothari_mba

Writer @ The Intersection of Finance, Tech & Humanity. Stories of a Global Language: “Money”. Contributor @ Startup Grind, HackerNoon, HBR. Twitter@akothari_mba