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Blockchain Can Lower Transaction Costs, Report Says
February 23, 2018
According to a new report jointly compiled by consultant firm PwC and industry body FICCI, the blockchain technology used in various virtual currencies like Bitcoin can help bring the transaction costs down.
The report said that since blockchain eliminates the need for third parties for processing and managing the transactions, it can greatly lower the transaction costs. It also said that the technology can help the government with the social welfare schemes as well by generating value for money in public expenditure and curbing poverty.
Blockchain is a digital ledger technology that allows the virtual currency users to self-process the transactions on the network.
