Blockchain is a distributed, decentralized digital ledger technology that stores transaction records in blocks linked together to form a chain. The KOY Network is a financial industry service provider based on blockchain technology.

Blockchain stores transactions in a chronological and immutable manner that makes it efficient and secure for users. The accountability and auditability of the electronic national currencies are available to all parties.

Blockchain CBDCs (Central Bank Digital Currency) can offer financial services e.g., in Africa, a largely untapped market by traditional banking services, and promote financial inclusion in such markets.

Cash usage has also decreased in the last few years especially after COVID-19 forcing traditional banking to reexamine its role in the monetary system and consider issuing electronic national currencies as its way forward.

KOY Network has lower operational and infrastructural costs due to non-interference from intermediaries like other digital payment platforms that rely on cellular-based networks as it relies on internet-based networks.

Internet-based networks like KOY Network handle large capacities of data traffic as they utilize a vast global infrastructure not limited by limitations such as spectrum licenses and expensive equipment deployments and hence ensure faster and more efficient settlement times.

Security in public and private blockchains is different. Decentralized public blockchain networks have a higher level of security. The Telos blockchain is a decentralized public blockchain and KOY Network relies on it to record its network state at regular intervals while maintaining privacy for users thus maintaining a high level of security.

Risks are however available with the issuing of electronic currencies like being attractive to hackers and being prone to scamming if unregulated therefore not offering legal recourse to investors.

With new developments occurring every day in the blockchain ecosystem, CBDCs are definitely here to stay.