Finance has always been one of the biggest use cases of blockchain, dating back to the invention of Bitcoin. Blockchain, at face value, seems to be the best fit for many of the implementations that affect the global economy, whether it's banking, stock exchanges, or payment networks. Yet, in the past, financial systems have been manipulated by centralized authorities, even in the global economy, due to the wide variety of solutions for different financial systems available across the world and the barriers between them; there is a lot of complexity involved.
Banking systems are the largest financial institutions in the world. These banking systems are regulated differently by each nation, and this has resulted in the creation of barriers when it comes to cross-border financial services. As seen in Figure 12.3, a banking transaction between two users, who...
