Turning The Financial Industry On Its Head – The Blockchain Technology
The financial industry has witnessed many disruptions and welcomed new technologies that have radically changed traditional processes. In today’s world of cryptocurrency and digital transactions, a new type of technology is steadily taking over – the blockchain technology. Blockchain has caused many disruptions, but what are the top blockchain disruptions?
Blockchain technology is causing financial institutions to take note and consider alternative methods to the traditional processes they have come to rely on, such as online transactions.
Blockchain technology facilitates online transactions. These transactions are encrypted and processed over a decentralized peer-to-peer network. Encryption means that the transactions are secure, and the peer-to-peer network means there is no middleman. This is why blockchain transactions are much quicker.
Furthermore, as blockchain transactions are kept on a public ledger, the details are available for anyone to see and thus they cannot be refuted. As you can see, this type of online transaction has many benefits compared to its traditional counterpart. Businesses where transparency and honesty are important, such as online casinos, can especially benefit from the unchangeable, publically visible digital ledger that blockchain can provide.
Due to the speed, security, and convenience of blockchain technology, many industries have started testing ways that it can be used. In the cybersecurity industry, for example, REMME has explored the potential of using it as a form of authentication, removing the need for passwords.
Furthermore, in supply chain management, British Airways has trialled blockchain technology to manage flight data between several big cities, including London and Miami.
Alternatively, this technology has actually been used to create a secure voting system. Sierra Leone’s government used a blockchain-based voting system to ensure a public voting that was free from corruption and falsified results.
These are just a few examples of the disruptions that blockchain technology is causing. As you will see in the infographic below, there are many more. This type of technology is set to make inroads in many industries and should only see an increase in use as it is developed further.
Here are the top blockchain disruptions.
Featured image: Bitfortune