In the financial world, plans are more obvious, and revolutionary change is imminent. Blockchains change the way stock exchanges, loan packages, and insurance contracts work. They will delete bank accounts and virtually all services provided by banks. Once the benefits of a secure ledger technology are widely understood and implemented without transaction costs, almost any financial institution will go bankrupt or be forced to make a major change. In addition, the financial system is built on a small fee for your transactions. So people can trade with ease instead of paying high transaction fees to banks and paying a few days for settlement. Bankers will only act as advisors, not cashiers. Stockbrokers are no longer able to receive commissions and the buy/sell expansion will disappear.
How does blockchain work?
Imagine a spreadsheet that multiplies thousands of times on a computer network. Then imagine that this network is designed to regularly update this spreadsheet so that you have a basic understanding of blockchain.
The information stored in the blockchain exists as a shared (and constantly evolving) database. This is a method of using the network that has many advantages. The blockchain database is not stored anywhere, which means that the records it maintains are completely public and easily verifiable. There is no centralized version of this information for a hacker to break into. Its data is hosted by millions of computers simultaneously and is available to everyone on the Internet.
The following is an article from a blockchain expert:
The traditional way to share documents is to send the Microsoft Word document to the recipient and ask them to revise it. The problem with this scenario is that you have to wait before you get a backup to see other changes or edit it because the editing feature is locked. This is how databases work now. Two owners cannot work on a record at the same time. Banks use the same method to keep the remaining money and transfers. They shorten or lock (or reduce balance) access during transmission, then update the other party, and finally reopen (or re-update) access. With Google Docs or Google Sheets, both parties have access to the same document at the same time, and a single copy of that document is always visible to both. This is a shared document, but so is a shared ledger. In a shared ledger, the distributed part enters the game when a large number of people are involved.