The Real Potential And The Applications Of Blockchain domain

Even though the media and others business firms are greatly focussing on cryptocurrency, we believe the blockchain also has much the same potential. Just in the way internet revolutionized our world and changed each of our days to day lives with emails, e-commerce, apps in smartphones, we accept the true fact that blockchain as a foundation technology has also the power to influence impending unsettling technologies through the distributive journal, smart bond, souvenir or integrity management.

  • The expectations from this specific technology account economic revenue of around five-hundred US billions by 2027 across the various industry types like financials, healthcare, manufacturing utilities, public services and the sharing economy.
  • About 0.5 to 0.7 percent of the combined income and spending of these industries are consistent and there are great chances for this concept to excel over the next few years, offering both the advantages of cost savings and new business start-ups.
  • While in already established markets, this chain feature can help to fix the challenges in the legacy system to drive efficiency gains, its impact in emerging markets is like building up a trust and allow countries to skip the lagging developmental stages of digitalizing systems including transaction cost, sufficient capital access, bureaucracy or so.
  • According to World Economic Forum, four out of every five banks will adopt this characteristic technological feature by 2018

A brief analysis and the full review of growth opportunities with blockchain

  • Even though normal stock exchange transactions happen in real-time, post-trade services like settlement, custody, stock lending and other collateral management may take pretty much time. Blockchain can reduce such reconciliation timing process and other operational risks.
  • By quickly creating the digital identity for clients and other inter-operable users across multiple platforms and ventures, it saves the time taken to track authorizations and can thereby significantly improve the current KYC or Know-your-client and other compliances across different banks.
  • Additionally, by leveraging the smart contract policy offered by banks, it can greatly enhance the trade finance amenities by automatically triggering the contingent payments. This process can help in boosting the efficiency of small industries and emerging markets where bulk transactions are still calculated on paper platforms.
  • Moreover, using this concept and carrying out cross-border remittance services across the major banks has improved the speed and reduced the cost of transactions to a great extent.
  • This particular system can solve the disputes between customers and insurers in the insurance claim management process by timely stamping and auditing documents that could trigger payments automatically.
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