What Is the Impact of Blockchain on the Financial Sector?
For years, few were paying enough attention. But now, blockchain technology has started to emerge from the shadow of Bitcoin, the electronic currency that the mysterious Satoshi Nakamoto created in 2009. Blockchain’s impact on the financial sector will be much bigger than Bitcoin, as this technology promises to be more transparent and easier to use.
But first, what exactly is blockchain? How does it work? Why does it work well enough to become the electronic currency technology of the future? There’s no need for rivers of papers to answer these questions. Banks, who at first saw Bitcoin as a potential threat, began to see opportunities. Especially, when Bitcoin was rising so quickly at the end of last year.
The short answer to all three questions is that blockchain can do for the finance industry everything that Bitcoin has done. Blockchain is a new paradigm designed to deeply revolutionize the economic system by modifying the concepts of transaction, property, and anything involving trust.