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How Has Blockchain Impacted the World?
In the world of financial technology Blockchain has played a starring role, initially being used to create Bitcoins.
Over recent years though, it has become important in its own right, and it is having a significant impact on today’s fintech revolution.
The effect of Blockchain will be celebrated over the coming weeks, with London Blockchain Week running from 20th to 26th of this month, and with the Global Blockchain Expo being held on 23rd and 24th at London’s Olympia.
But how has Blockchain actually impacted financial services and the world around it?
Here are three ways.
1) Blockchain Provides A Method of Transparency and Trust:
Over recent years the financial services industry has been hit hard by scandals and economic instability, and Blockchain provides a layer of transparency that has the ability to re-instil confidence into the sector.
By using Blockchain people who don’t know, or maybe don’t trust, each other can create a record of transactions that is unbreakable and removes concerns relating to data theft.
2) The Platform Has Multiple Uses Within Financial Services:
While the original Blockchain technology was solely used to create Bitcoins, the platform is now able to disrupt large sectors within financial services.
As Don Tapscott, co-author of Blockchain Revolution, mentions in his interview for McKinsey, during the research for the book he and his team identified eight sections of financial services that could be challenged, including moving, lending and trading money.
Similarly, as consulting firm Deloitte points out, Blockchain can be used for things like virtual wallets and payments, as well as for clearing and settlement solutions.
3) Blockchain Has The Potential To Disrupt Industries Beyond Financial Services:
Blockchain as a platform has the potential to disrupt a number of industries, way beyond financial services.
Because it’s a peer-to-peer platform, Blockchain allows users to interact with one another on a mass scale.
Also part of his interview for McKinsey, Don Tapscott mentions that the music industry, for example, could be distributed through an app on Blockchain, with writers posting their songs onto it along with a smart contract specifying how it can be used.
Additionally, a report by Barclays Bank entitled ‘Blockchain: understanding the potential’ highlights potential uses for Blockchain from within government.
It talks of permissioned Blockchain, which could replace a number of processes currently undertaken using paper-based methods, such as land registry and social welfare.
While Blockchain is still yet to realise much of its potential, whether in the financial sector or other sectors, it is clear that any financial platform needs to be flexible enough to accommodate software updates and new technology.
Our Software as a Service (SaaS) platform is providing a powerful fintech solution for businesses across the spectrum, including charities and banks.
After more than a decade of experience in the financial and technological industries we understand the importance that they hold.
If we can help with your banking platform or proposition, whether you are an established bank, an emerging bank, a community bank, a credit union or even a new concept bank, email hello@trusek.com or call 020 7048 0470.
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