Five Things To Be Gotten Right For The Blockchain To Reach Its Full Potential
DH Corporation (TSX:DH), a leading financial software provider, published a while ago a white paper that highlighted five things that the retail banking industry must work on, regarding the blockchain, so that it could transform the global payment platforms.
Many of the world's biggest banks have recently considered the blockchain technology as an innovative tool that can modernize the world's financial system and global money transfers.
5 Things To Be Right For The Blockchain To Reach Its Full Potential:
The White Paper outlined 5 things that must be gotten right in order for the blockchain technology to reach its full potential which are:
1- It needs to find the right problem to solve
2- The dominant technology - or alignment technologies and use cases - has to emerge
3- It has to retain enough of its disruptive potential when all the "regulatory and industry" requirements are added in.
4- It must be able to scale to handle the volumes and speeds required by the financial services and industry.
5- The evolution of blockchain in banking needs to be aligned with banks' timescales and perspective
It's Time To Seize The Opportunity Offered To Us By The Blockchain Technology In a Smart Way:
The authors of the paper noted that the blockchain technology is now moving beyond hype to become a business reality in the world's financial markets. In other words, banks have no choice but to respond. As they size up the full potential of this technology, they will have to face two main challenges. The first is to define and build robust use cases and business cases for investment in blockchain capabilities. The second is enablement – creating, piloting and deploying workable, scalable solutions to deliver on the business case for decades to come.
In the authors' view, the conditions for tackling each of these challenges can be found within banks themselves. Today’s major financial institutions comprise thousands of legal entities – and, from both client's and regulatory's viewpoints, they have an absolute need for visibility and accessibility into transactions across and between those entities. This creates a strong case for banks to use blockchain for internal utilities – in turn enabling them to gain the experience and insight needed to roll out blockchain capabilities across the banking ecosystem.
Copyrights of Content and Image are fully owned by Tamer Sameeh CEO of Bitcoinnewschannel.com (service will be down all throughout 2017) so all of the service's content will be published exclusively on Steemit. Any other site publishing Bitcoinnewschannel.com's content is plagiarizing the content.