Blockchain Technology Has Immense Possibilities & Potential
Blockchain Technology has immense possibilities and potential to transform the economy. The transactions are openly verified and middlemen have no role to play in peer-to-peer transfer system.
Bitcoin popularity is fading away, but the Blockchain technology, behind it has opened up all new possibilities.
Anthony Di Iorio’s – Bitcoin Decentral innovation hub, in downtown Toronto was the first to open city’s first Bitcoin ATM, in 2014. However, in less than a year, the digital currency’s value plunged and numerous exchanges filed for bankruptcy. The headlines of its usage dominated the black market.
Hower Anthony Di Iorio’s Bitcoin Decentral innovation hub in downtown Toronto generated buzz when it opened the city’s first Bitcoin ATM in early 2014. A few months later, the currency’s value plummeted; large exchanges filed for bankruptcy and its use in the black market dominated headlines.
Di Iorio concentrated on the Ethereum blockchain platform and started working on developing blockchain applications outside the currency. He went ahead and bid adieu to ‘Bitcoin,’ from his firm’s name and rebranded it as ‘Decentral’.
Big corporate houses are now eager to come on board; they believe that Blockchain technology has immense potential to transform the world by its applications. More than one billion dollar of venturing capital is flowing in, to develop applications using Blockchain technology.
Blockchain’s applications can transfer any information which can be encrypted and stored in digital form.
The best feature of Blockchain system is that, it is available to everyone, but controlled by no one. It is safe, speedy and frictionless.
Ron Rimkus, content director at CFA Institute, stated that, in 2014, Banks started not only investing in the Blockchain technology but also implementing it.
Rimkus believes that, applications of Blockchain technology can be employed in eliminating the back office processing on various transactions, ranging from mortgage completion period to credit card processing. It will also decrease clearing time and overhead costs and can save billions.
Kris Hansen, senior principal of financial services at SAP stated, “Banks are fascinated by a confidential version of the Blockchain, by which they can augment transparency for certain things while maintain secrecy for others.
RBC has amalgamated with Ripple to create foreign exchange payments hassle free. It has linked banks directly by distributed ledger to considerably decrease the time taken in processing international money transfers. The bank plans to commence a consumer-facing Blockchain-backed loyalty program soon.
Decentralized nature of Blockchain systems makes them harder to corrupt. At the same time decentralization of power poses issues when a consensus is required on its guiding principles and protocols. Varied users of the technology like miners, developers, and businessmen have different interests. And, it is quite difficult for all of them, to agree for simple alterations, needed for technology’s development.
Blockchain technology can be used in exercising scam free voting, it can be used by doctors to access medical histories, to administer prescription and the possibilities do not end here. It can also help in controlling political corruption by openly accessing an audit trail of where money is spent.
We can only say that Blockchain technology is the precursor of a new revolution which will impact the world, more than just finances.