Future of Blockchain looks promising..

The future of the world economy could be dominated by blockchain technologies. A traceable international currency complete with an efficient infrastructure will not only result in massive cost reduction for all market participants, it will change international banking. Bitcoin will do for payments what email did for communication.

How can we use Blockchain?

The easier question to answer may, how can’t it be used? Just like with any new tech disruptor, you might have to get creative to get your head around how the technology will play out in your industry. But the following are a few examples of how Blockchain could change businesses across theWorld.

It can eliminate the middle man. Because it validates transactions—and the value of the property being transacted—Blockchain can reduce the middle man, be it the art dealer, real estate agent, music agent, or valuer. The same is true for creative licensing. With Blockchain, artists can go straight to the people, rather than through music labels, to protect their own music and royalties. Move over, Spotify. Artists may once again be able to make money for their music.

It’s transparent. Perhaps one of the best arguments for incorporating Blockchain into government is that it is completely public. Even better, it prevents history from being re-written by allowing information to be extended, but never appended, which ensures complete integrity of all involved.

Though it is early in the development of Blockchain on the wider commercial market, the potential for incorporating the technology into almost every industry is endless—from sharing college research papers to inventing the cure for cancer. Perhaps a better name would be Blockchange—because of the promise it holds for transforming businesses around the world.

Most banks are exploring the use of blockchain technology in order to streamline processes and cut costs. However, they are also looking to leverage additional advantages, including increased competitiveness with fintechs, and the ability to use the technology to create new business models.

Banks are starting to narrow their focus, and are increasingly honing in on tangible use cases for blockchain technology that solve real problems faced by their businesses. Regulators are taking an increased interest in blockchain technology, and they're working alongside major banks to develop regulatory frameworks.

Blockchain-based solutions will start to emerge in different areas of financial services. The most successful solutions will solve specific problems for banks and attract a large enough network to create widespread benefits.

Blockchain’s ability to record data such as transactions, contracts, and agreements and have them verified by users of the distributed ledger means that the technology has the potential to disrupt in a range of industries such as financial services, telecoms, legal, manufacturing, and transportation.

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