Algorand Foundation Head Discusses Role of Blockchain in Finance
- Algorand Foundation CEO Staci Warden was interviewed on Yahoo Finance Live.
- Warden talked about the possibilities of blockchain technology in financial transactions.
- Algorand’s blockchain technology can process payments faster than traditional banking systems.
Recently, Algorand Foundation CEO Staci Warden participated in a Yahoo Finance Live interview to discuss the potential of blockchain technology in financial transactions. Warden believes that blockchain is not only used for tracking cryptocurrency payments, but is able to provide a more efficient way to facilitate international financial transactions.
According to Warden, traditional banking systems usually have delays and fees when it comes to international payments, for example, a $10 payment from Brazil to France would take 4 days and 6-8% of the money would be deducted as a fee. On the other hand, if Algorand’s blockchain technology is used, the transaction can be completed instantly without any delays.
The CEO went on to explain that Algorand’s blockchain technology is able to process up to 6,000 transactions per second, and plans to increase to 10,000 transactions per second later this year. In comparison, the same transaction that would take days to finish in a traditional banking system can be done in only 3.9 seconds.
In addition to speed, Warden highlighted the transparency of blockchain transactions, as they are immutable and can be easily traced. She also stated that blockchain is secure from hackers as it is decentralized, meaning that the information is not stored on a single computer, so if one computer is attacked, the ledger remains intact on the other computers in the network.
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