There were several first things for blockchain in 2015 as the new financial technology emerged not just among the banking agencies but also among the users. Some observers even say that 2015 may have been the year that financial institutions embraced blockchain technology and considered it the future of money.
However, as the common understanding goes the hype and the inevitable slump, it is best to focus on what today's blockchains can actually accomplish. It must be noted that one of the main appeals of blockchains among enterprises is the notion of a value network, where parties can transfer custody of valued assets in an auditable manner without relying on intermediaries.
Thus, it is one of the best solutions that can help people or the end users save some money while receiving funds from around the world. In fact, blockchain enabled Bitcoin and other digital currencies are emerging as the popular alternative for remittance. These digital currencies are challenging the supremacy of PayPal and other similar services providers.
Also read: Bitcoin Analysis for Profitable Trading Decisions
The Blockchain technology as it stands today has great potential. Though privacy on blockchains is probably the largest hurdle for adoption as by default every transaction on a blockchain is visible to every user of that chain, this also is considered a great feature as there is transparency. Such transparency can help bringing down corruption to great extent.
Similarly, even though there are some issues relating to regulation and legal definitions, the observers believe that this can be resolved. In 2015, most of the cases with concrete proofs-of-concept focused on post-trade settlement, trade finance, payments and remittance. However, the new year is expected to open the door for the new technology.
Nonetheless, as Blockchain represents ownership of an asset in terms of control over the data relating to that asset, only the current owner can authenticate a transaction that would cause that asset to be transferred to another owner. Thus, there is comprehensive security while transactions are being carried out.
The Blockchain techis as a provenance protocol that can accommodate different types of entities as they are created, shared and used by multiple participants. The new year will definitely be bringing a lot of challenges for Blockchain; however, like last year, here too the new financial technology can get into the new domains and fields.
Also read: How to Trade Cryptocurrency?
However, as the common understanding goes the hype and the inevitable slump, it is best to focus on what today's blockchains can actually accomplish. It must be noted that one of the main appeals of blockchains among enterprises is the notion of a value network, where parties can transfer custody of valued assets in an auditable manner without relying on intermediaries.
Thus, it is one of the best solutions that can help people or the end users save some money while receiving funds from around the world. In fact, blockchain enabled Bitcoin and other digital currencies are emerging as the popular alternative for remittance. These digital currencies are challenging the supremacy of PayPal and other similar services providers.
Also read: Bitcoin Analysis for Profitable Trading Decisions
Blockchain Technology has Great Future
The Blockchain technology as it stands today has great potential. Though privacy on blockchains is probably the largest hurdle for adoption as by default every transaction on a blockchain is visible to every user of that chain, this also is considered a great feature as there is transparency. Such transparency can help bringing down corruption to great extent.
Similarly, even though there are some issues relating to regulation and legal definitions, the observers believe that this can be resolved. In 2015, most of the cases with concrete proofs-of-concept focused on post-trade settlement, trade finance, payments and remittance. However, the new year is expected to open the door for the new technology.
Nonetheless, as Blockchain represents ownership of an asset in terms of control over the data relating to that asset, only the current owner can authenticate a transaction that would cause that asset to be transferred to another owner. Thus, there is comprehensive security while transactions are being carried out.
The Blockchain techis as a provenance protocol that can accommodate different types of entities as they are created, shared and used by multiple participants. The new year will definitely be bringing a lot of challenges for Blockchain; however, like last year, here too the new financial technology can get into the new domains and fields.
Also read: How to Trade Cryptocurrency?
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