The Blockchain Technology Changing Finance

There are so many people who still are wondering how the technology that recently has come up can change the stream of finance. Well, nearly every futurist research lab is now looking out for an answer from the central banks, think tanks, and even the government committees across the globe. There has been a consortium effort which some of the popular world’s known banks actually finance. They have been working hard to answer the question of what could be the possible reason that contributes the blockchain technology for changing finance.

The need for infrastructure for the cross border transaction:

The revolution of digitalization surely has transformed media. It already had quite an effect in the industry of finance. Of course, the use of computers in financial institutions plays a major role. Right from making the databases in the year 1970 till using the web pages in the year 1990 and then migrating to the mobile apps, the digital revolution has been contributing to growth. Banks have also even used such complex infrastructure for making transactions simpler that even includes sending money to another country. With blockchain technology, it is possible for the financial institutions to actually make a direct link with one another.

Digital assets act as a class

Bitcoin has come up with a unique term called digital property. Before the existence of Bitcoin, even the word digital was not that valuable. Anything digital can be copied with just one click. The same goes with the music industry who has been trying to increase its sale by depicting the story in a convincing manner. However, Bitcoin actually created the uncopyable digital code. This means the value of the Bitcoin depends on the blockchain capacity for protecting the spending done twice and thus reduce the counterfeit of coins.

It’s all about markets and Governance

Markets and Governance ability is not just restricted to recoding the transactions but rather far beyond that. Nasdaq was one of the first platforms that were built for private companies to trade and even issue shares with the help of Bitcoin. There are many other developers who are even coding the financial instruments which can be preprogrammed for carrying the business logic and corporate actions. With the project called DAO,started running on the Ethereum blockchain that focused on emulating the crowdfunding market. This means your contribution to the funding shall represent the visiting percentage in how the overall funds are invested.

There are some well-known people like Goldman Sachs and the consumer research team who have already solved this mystery and created a huge report on the same. Be it the senates of the US, the government of the United Kingdom, or the EY, everyone has made the inquires for this concern. The above research has been already highlighted to you and now all we can do is just wait and watch

source - cryptobusinessworld com

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I am still a bit skeptical about cryptocurrencies. Blockchain technology seems to be of little practical use as of today. I hope crypto holders surely know what they’re doing!

You should do more research.

That article is from 2018, so very dated. But it outlines several real-world, actually being used, use cases.

Oh, my bad. I was referring to cryptocurrencies lol. Blockchain technology is really valuable, and I think it’s the only thing that gives cryptos value. Cryptos, on the other hand, are mostly garbage.