Blockchain Technology and the New Economy
Blockchain-based technologies, like bitcoin, are positioned to disrupt our economy and the process by which we exchange goods and services. The way we view a bank today could potentially be very different than the way we use it in the future.
Financial institutions around the world have dedicated significant research and development to this new technology. Many organizations are focusing their research efforts on the underlying mechanics on which bitcoin is traded, the blockchain, The blockchain is a distributed, public ledger that keeps a record of all transactions. Global technology companies and financial institutions are looking at how the blockchain can be used to transfer assets other than currencies, like bitcoin.
Given the highly disruptive mechanics of the blockchain, industries outside of financial services are investigating alternative applications for the underlying technology as well. Heightened transparency and speed of settlement are a couple characteristics that have attracted organizations to this new model of transacting.
As institutions aim to make the processes by which we transact more efficient, the economy we know today may look quite different to the one of the future.