While Bitcoin is not replacing currencies in the world anytime soon, you should know that the digital currency is relevant to your business. Its underlying technology – blockchain – could challenge our assumptions about the security and reliability of commerce. In fact, many leading financial personalities believe it could transform the business world in the next decades. If you do not want to end up like other companies, which failed to recognize the importance of the Internet, you might want to reconsider.

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Disrupting the Financial System
with Blockchain
While Bitcoin is not replacing currencies in the
world anytime soon, you should know that the
digital currency is relevant to your business. Its
underlying technology – blockchain – could
challenge our assumptions about the security
and reliability of commerce. In fact, many
leading financial personalities believe it could
transform the business world in the next
decades. If you do not want to end up like other
companies, which failed to recognize the
importance of the Internet, you might want to
reconsider.
The financial industry has started to explore the
blockchain’s potential. The investments
company, BNY Mellon, is testing the technology
internally to determine if it can be used to
motivate employees. UBS is also attempting to
build a secure, reliable, scalable and efficient
blockchain solution. The company believes that
the technology can improve the client
experience ultimately.
The blockchain makes cryptocurrency legit for
financial services, making it wise for the
investment community to look over the
developments in the cryptocurrency space. In
the past twenty years, banks have reduced
settlement of bonds, stocks and assets. Since
communications and vetting can occur in two to
five days, the time lag can increase financial
risks.
Through the Bitcoin technology, they can
complete transactions in record time.
By using blockchain as a ledger, financial service
entities can track and use smart contracts to
verify business agreements and relationships
while circumventing the legal system. Tying
smart documents to a blockchain would provide
the functionality of Rosettanet and other
electronic data interchange (EDI) platforms at a
much lower cost. Since the underlying
technology is effectively free, related
technologies could be used to manage and
authenticate transactions.
You may think that Bitcoin is a risky investment,
but the blockchain makes it worth trying for.
The revolutionary technology can actually
disrupt the financial sector. Since the financial
industry is built on ledgers, it is a challenge for
the industry to guarantee and track assets from
one ledger to another. As a digital ledger,
blockchain will impact the way the industry
conducts business. Distributed across millions
of computers, it records all transactions with
little or no cost.