This better way to record data could have vast influence on your finances
Blockchain, the technology behind cryptocurrencies such as bitcoin, could actually change the way we manage 401(k)s. Pundits claim blockchain represents the biggest breakthrough since the internet, with the potential to improve just about everything in our lives, including our health and bank balance. Here's how it might also increase the amount of money we have to live on in retirement.
Having everything stored in one easy-to-access place would give people a clearer picture of their retirement assets and perhaps incentivize them to invest more.
More activity and interest should put pressure on financial institutions to work harder to retain clients and lead to better returns.
Blockchain doesn’t require a third-party intermediary to validate transactions, resulting in speedier turnaround times and potentially lower costs.
The technology, thanks to its decentralized structure, is more difficult to hack.
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