'Blockchain', the financial tool of the future
The "blockchain" or chain of blocks is a data technology that makes it possible to manage information securely with a distributed, decentralized and synchronized record, will be the main tool in the sector of finance from 2021, according to the experts.
This technology of storage and transmission of data, which are based on the cryptocurrency or digital currency, is a trend that is becoming "mainstream" in financial applications.
In the future, the money will flow through the string of blocks that "will change the mentality" of the sector by facilitating transactions and will improve the financial system by causing to be completely different, built on internet.
Decentralized
Emerging companies engaged in the development of this technology of disintermediation have already received more than 1,500 million dollars in investment but they also recognize that it takes time for its implementation among the financial institutions, which is starting, because it has yet to develop the regulation.
Among the advantages of this technology, cited the speed, distribution and authentication of transactions without the intervention of any central authority, allowing a decentralization of consensus in which all participants are permissive.
Also highlights its security based on cryptography, and the distribution of information at various points on the network, which makes it extremely difficult falsification or deletion of a registry to allow the traceability of the information.
Consequently, among other benefits, the "blockchain" will reduce transaction costs and fraud.
Future
For the complete development and the final implementation of this technology, companies must work together.
The priority of this technology focused on creating new systems and services, as well as to build a network of digital identity for individuals and institutions, as well as to operate and digitally sign legally and in real time.
Apart from these features, other sectors where the "blockchain" can have utility, according to the experts, are the health (as a basis for sharing medical records of international form); of e-commerce (to facilitate the purchase and sale of products); or on the Internet of things, to facilitate interaction between machines or the connected car.
Informative post thanks for share
Bitcoin is a new financial system that has the potential to have a big impact on the way the world does business. Its open ledger system and distribution network make it a valuable system. Although it is still in its infancy, as bitcoin becomes larger and more sophisticated, it may very well provide solutions to many of the current financial system’s problems.
It is not Bitcoin, but the blockchain technology. Bitcoins is just a digital currency. Though, Bitcoin will become more widely adopted in the future.
To have a better idea of the blockchain tech and how it work you can read this aticle on the blockchain technology .
Again, just to be clear, the blockchain was created to allow for the exchange of the Bitcoin cryptocurrency however it was already envisioned by the creator(s) of Bitcoins, that this revolutionary tech would be used for so much more following the success of Bitcoins. The Blockchain has the potential for applications far beyond bitcoin and cryptocurrency.
VERY interesting and educational. I have no good knowledge of this. THANK YOU...
Yea, agreed, thats some interestong information here. You can learn even more by checking out this article titled -The Blockchain: A New Revolution.
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