[dropcap]T[/dropcap]here is a relatively new technology which seems to be slowly changing the world for the better. It is called blockchain, and its popularity grows every day. If you don’t trust us, take a look at the infographic below provided by BitFortune and see it for yourself.
Blockchain is currently attracting a lot of investors and research. Many companies are interested to find out how they could implement it in their business operation.
One of the areas where the blockchain technology was successfully implemented is the financial sector. Here, the tech helps by cutting the time and cost needed to perform a transaction, especially the cross-border ones. It is based on the peer-to-peer system, which eliminates the need for a middleman, such as central clearing authority, thus speeding up the whole process.
The other advantages of this technology are fraud reduction, improved security, use of smart contracts, transparency, a high level of privacy, efficient and safe data keeping, etc. Blockchain lowers the cost of international transfers by a considerable percentage, while making transactions completed at a much faster pace.
Considering that it can save up to 70% on business operations, it comes as no surprise that 9 out of 10 experts agree that the blockchain technology will completely disrupt the banking and financial sector.
There are also a lot of companies in addition to the financial sector that see great potential for blockchain within their industries.
For example, IBM and Maersk have created their blockchain solutions to use within the shipping industry. IBM alone invested $600 million in this technology two years ago.
There is also FedEx who is using a blockchain pilot project to clear up customer disputes.
Furthermore, British Airways tested blockchain technology to manage flight data between London, Geneva, and Miami.
Blockchain has quickly grown into revolutionary technology, and it is still only in its early development phase. Only the future will tell us what other disruptions it will bring. One thing is for sure though – blockchain technology is here to stay.
