Will Blockchain Be The Future of Banking?

April 18th, 2018

The rise of Blockchain technology is paving new roads for many new possibilities and options for the future of technology and business. Popular business groups like IBM, Amazon, and Microsoft seem to be onboard with this new technology and are trying to bring it to the cloud environment. Even when not used with Bitcoin, Blockchain can play a huge role in other fields for the future. Researchers and scientists are excited about this innovation that is expected to rule the future.

What Is Blockchain?

The blockchain is a new technology that is behind Bitcoin, a digital currency which can replace traditional currencies around the world. Many individuals will believe that Blockchain is a financial tool, but that it is not only limited to Bitcoin. Though Blockchain is designed as general ledger, it can store and move blocks of validated information that users can’t corrupt. Blockchain creates a transparent system in which any individual or user can have access to it without altering it. This makes Blockchain more than just a financial tool. Blockchain could prove to be one of the best and latest ways of validating, sharing or endorsing any unit of value. It can be used for scientific discoveries, art, titles, votes or even intellectual property.

Adding Blockchain To The Cloud

Setting up Blockchain is not easy, you need to have a heavy infrastructure and other development capabilities which most businesses currently do not have or are even capable of managing. As businesses and companies around the world are discovering the power of Blockchain and what it can do for business, there will be greater demand for this technology. According to a recent review, Blockchain is considered to be the next great “disruptor” that will change the next decade of business of artificial intelligence or big data.

An expert said recently, that the Internet was the first digital medium for information and Blockchain is the first digital medium for value. In the future, around 65% banks or financial institutes around the world will implement a Blockchain-type solution. This technology will see a massive explosion throughout business landscape around the world- just wait and see.

Where Can Blockchain Technology Be Used?

The best way to answer this question may be, where can’t it be used? The blockchain is a new disruptor that can be used in almost every field- some out of the box thinking may become a necessity for the future markets. Here are some of the examples where Blockchain is already changing business around the globe:

  • One most interesting things about Blockchain is that it can eliminate any sort of middlemen from every field. It validates transactions and reduces the role of middleman, be it in any field.
  • Many individuals don’t believe in financial institutes or bank accounts anymore, Blockchain makes it easy for them to certify and manage their finances, without the need for working with these institutes. This new technology will keep track of all your currencies or money digitally and give you the chance to process it from the ease of your Smartphone or tablet.
  • Blockchain technology can secure and validate almost anything. With this technology, all tasks such as voter authentication, proof of intellectual property, government processes, health information,and many more can be validated. Compared to any other cloud environment, Blockchain’s structure is far safer and easier to use.
  • The blockchain is a transparent ledger, something that makes it ideal for today’s world. Blockchain prevents the history from being re-written by providing information to be extended.

 

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