Web 3.0’s upcoming layer 2.0 creation is characterized by the advancement of digital finance and the unwaveringly quick rise of technology in the world market. A problem can generate countless conclusions that can lead to countless solutions, whether they make life simpler or not. With the help of chatbotGPT and Google search (Blackbox AI), the history of the internet is well-known. I’m not writing about AI protocol, yet it is the future. Blockchain is a technology that is here to stay in terms of advancing society. The majority of the world’s power is battling against this technology because they are not earning as much from it as they do from the local banks.
I can’t speak for everyone, but because of their thinking, not everyone is aware of the nature of blockchain or has discovered it. The creation of projects that access the test net, the node protocol, the deployment of contracts, and so many other things make this space confusing and call for more explanation (education).
Whether owned by the private sector or not, the government always controls native banks through its rules and regulations. According to the social stratification theory, the lower middle class or lower class is actually affected by this rule and order. Money shortage occurred during this time, and the local banks severely suffered before the previous Nigerian election started. Many Nigerians were unable to access their money. Many citizens from various parts of the nation lost their life at this time. Why was it impossible for the Nigerian government or central bank to resolve these issues at the time? It’s because the Nigerian government has already taken control of the financial system’s power center, which now makes the local native region banks acts like a zombie. This should serve as a warning to local banks at this time. What the POS charges for withdrawals is unimportant to discuss. Because of the massive manipulation of domestic banks, I said that blockchain technology was here to stay. I was able to handle some transactions from the blockchain network during this time without experiencing any stress, and some knowledgeable vendors who really understood the instructional nature of blockchain took advantage of it.
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This summary will help you better grasp the topic we’re about to explore;
Native Bank Technology’s Properties
Anything that is typically accepted as a means of commerce or other forms of financial obligation is considered money. The brilliant economist discussed and emphasized the history of money and its applications so that everyone may understand how priceless and important it is. Based on research that promotes learning and development, native banks have implemented new laws and policies because outdated methods of saving money don’t work and cause the value of the currency to decline. However, education allows consumers to start using their local banks to save and invest in bonds, fixed income, and other investment requirements. However, I have embraced this innovation up to this point and am still using it since new technology cannot instantaneously replace or subvert old technology. I don’t mean to criticize the local banks, but their connection with the government is like that of a monkey and a banana.
The higher and middle classes benefit from this approach while the common user is seriously harmed by the manipulation of the local banks. This is referred to as banking’s centralized nature. A centralized banking system essentially means that the decision to approve or reject each and every transaction that occurs within the system rests with them.
All user data is under their control for simple manipulation
Native banks have made significant contributions to society at large, enabling the general public to feel secure and believe in the value of saving money. The establishment of native banks strongly encourages individuals to stop storing their valuables, such as gold, diamonds, native currency, and other precious materials, in their houses. Through the process of study, this technology has provided solutions to a myriad of issues, and it has also brought about a number of innovations that have given consumers greater confidence in their local banking system. the introduction of electronic banking services like mobile banking, ATMs, and others.
Blockchain technology was created as a result of constraints in native bank transactions
A single theory can enrich several creations and innovations to address issues that can be on the right or incorrect side. Blockchain technology is created by a native bank thanks to an anonymous protocol. I believe there would be no need for research if there were no issues. There is a tendency for humans to solve problems, create things, and develop things that will lead to a better existence. Nothing worthwhile — good or bad — comes easily and requires a lot of effort to accomplish.
Blockchain technology was created as a result of the native banking system protocols on transactional policy, western payment policy, American payment policy, Barriers in cross-border transfer, governmental policy, bank liquidation, fees, and minimum/maximum withdrawal. Although some people have been employing this technology on the dark web, where physical science is altered, since Satoshi, the individual who is credited with creating Bitcoin, first introduced it to the world. To complete an offer, these people engaged in a peer-to-peer transaction on the dark web. However, examining the history of cryptocurrencies will bring you to your knees as you realize that they were initially used as a dark web payment method.
The straightforward definition of money as it is used for payments and other commercial obligations in general. It is no longer anonymous or legitimate as long as it is accepted on a worldwide scale. Well, some nations continue to fight against blockchain technology to this day.
In terms of the financial transaction protocol, blockchain technology only facilitates transactions more than native institutions, but the nature of blockchain transactions and their use demands a clear, educational explanation for the user. 90% of individuals feel more at ease utilizing a native bank to complete their transaction because they perceive it to be more trustworthy and reliable given how natives protect citizens’ interests and uphold the law. You can’t, however, do it all.
Is the native bank going out of business?
It may depend on the technology, but new technology never completely surpasses old technology. However, as you can see, bank-native technology is here to stay and will eventually become obsolete. 90% of people worldwide utilize local banks for their regular financial transactions. All users must have the attitude that creating a bank account is absolutely important in order to conduct their everyday transactional activity. Yes, native banks are more often regarded as trustworthy financial institutions than blockchain technology. When discussing blockchain technology with a buddy yesterday, he responded that he had no idea what I was talking about but that having a native bank account was 100% necessary.
Even the supposedly poorest members of society in Nigeria joke about opening a native bank account. I haven’t seen anyone in Nigeria without a native bank account. These examples demonstrate how native banks have made significant and continuous contributions to the local and international communities in order to secure their assets and properties. Blockchain is still a young technology, and because banking is a native technology, native will always exist in 100 years. Native Bank’s motto is “War will come and go, but our land still remains our land.”
Why is there a lot of government policy around Blockchain technology?
I believe that government policies have influenced international trade, allowing the government to tax its way to a better understanding of the nature of production and development. The global government embraces and legally protects the technology that is profitable to them. Due to its anonymous nature, blockchain technology continues to generate headaches for the world’s governments.
Any land on which you personally uncover gold is the one you must secure and protect until you remove everything from the land. This is how some businesses, particularly those that provide goods and services, and some technologies are governed by the government.
Whether it be due to blockchain technology’s anonymous character, the many trends of wallet losses, or fraud in the protocols, the official and legal world government does not gain from it. The reason why the government detested blockchain technology was that they could never influence it. The primary cause of this animosity is that. They made an effort to learn how transactions are handled and who is in charge of managing them. However, the technology’s nature has remained anonymous ever since the dark web. However, they enforce a regulation requiring blockchain technology to have a KYC mechanism. Now for the summary.
In conclusion, as a beginner, I’m interested in learning how to create money and manage it as well.
Blockchain and native banks are essential to human financial existence. Just accept and become familiar with the process to find out how to conduct business while surpassing regulatory regulations.