Chained to a bank?, not anymore.

What is the blockchain?
Say you have an account with Union Bank of Nigeria, every time you pay in money, the bank records it on your account sheet (ledger), every time you do a transfer to another account, it is recorded too. At any point in time, your account statement has a record of all the money inflow and money outflow which then gives your bank balance.
What happens if your record of inflow and outflow does not match with what the bank has? Well, you have to bring all your payment receipts and as much evidence as you can get, the bank looks at this and decides if it should change your balance or not. If you do not agree with their figure, your options are quite limited

 

The bank has a single database keeping all your transaction records and that of millions of other customers money too. The integrity of the data depends solely on the bank (and the competence of its IT department)

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