The future of finance is in blockchain technology. That is undeniable. The question that arises, though, is what is this blockchain dominating the finance industry. Blockchain is an open ledger system that cannot be altered or changed, meaning that every single person on this ledger can actually witness the rise and decline of cryptocurrency in the financial market. This highly trackable global currency has the rich infrastructure and technology to instigate true reform in global banking. Blockchains will do for banking what emails did for global communication.
It is anticipated that this technology will be widely adopted by banks, globally, and the currencies (which can be cryptographically secured) will be widely used for every transaction world-wide. It's even predicted that NASDAQ will launch a blockchain of its own that supports technology that will take equity management to new levels.
The settlement of the currency, through the distributed ledgers, creates an immense amount of opportunities in the banking field, making the whole process more efficient. This will then revitalize the whole structure of banking to the point where it will create innovative asset classes. A number of applications dealt within and outside the banks could be reduced because blockchain's ability to contain all relevant transaction information, which then promotes successful asset transfers and manageable contract information. A bank could be able to pay the supplier instantly via the web.
Blockchain technology is not only leaving impressions in banking, but it also reduces the risk of a cyber breach by authenticating one's identity through a visible ledger.
Small start-up businesses can also use blockchains to create globally trusted trading platforms they can use to promote their brand.
Blockchains will bring efficiency and transparency to worldwide trading, creating greater value to online markets.
Another outstanding feature blockchains offer is the ability to track down criminals. While it may not be as possible to catch cyber criminals now, with the creation of new start-ups appearing in the market, blockchains can use its system to track down criminals at a lower cost. This means more positive relationships with government agencies, greater likelihood of asset return, and progression for local authorities throughout the nation.
Blockchains will also be an integral employment generator in the near future by incorporate itself in other fields, such as medicine and education. It will even establish a more prominent election process, generating more trust and authenticity ion our elective process. With blockchain technology accelerating the speed of transactional processes, the world has become a global village with more opportunities for the future.