The blockchain is getting more uses beyond cryptocurrency. Now, financial companies such as insurance, banks, and payment companies are finding a use for blockchain technology in their operations. For these companies that use blockchain technology, security offered by the system is the most crucial aspect.
Financial institutions lose a lot of money right now because most systems, especially credit cards, are not secure. So, they are now looking to the blockchain, which has so far not been penetrated by any hackers. There are several other aspects that are favorable to companies that use blockchain, and they have all factored into their decision to get into it. Already, there are numerous FinTech Awards being held around the world to celebrate innovation through bitcoin that may be useful for the financial sector.
You should also realize that financial companies have already invested $135.3 million into blockchain startups, signaling an interest in the technology. Among the people, talk of blockchain on social media is widespread, with most posts referring to FinTech. It’s obvious the masses are curious about the potential uses of blockchain technology, but there are evidently a lot of people who are still adamant.