All About Blockchain And Why It's A Bigger Deal Than Bitcoin

Banks have made the exchange of currency their business. But the digital age has ushered in a new way of banking, disrupting the institutions that have controlled the industry for hundreds of years.

It’s the internet of banking, developed by private citizens for private citizens.

While innovation in the industry is most commonly linked to Bitcoin, a cryptocurrency, it’s the underlying technology, blockchain, that might produce the biggest waves.

“Blockchain presents an opportunity to bring disparate things together and allow secure, nonrefutable records of transactions to be done anywhere you need them to be done — quickly, securely and with little chance of fraud,” said Andrew Dare, architect of financial services innovation at Hewlett-Packard Enterprise in Halifax, U.K. “Therein lies the true value of the technology.”

"The blockchain seems to be anti-banking so it sounds strange that banks would want to adopt this technology. They may want to hijack the movement with their own cypto-currency so they can control the direction of the technology but I don't see this going very well for them since the whole movement was to circumvent banks and their fees."

"I could see blockchain technology being very useful for stock markets around the world since most if not all of them are being propped up by central banks. If everyone can see all the transaction going in a stock market it would boost confidence in the system knowing that a certain stock is being propped up or not."

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