Blockchain Will Transform The Ways In Which We Transact
In our interview with JP Parker, we discussed the impacts of blockchain and how it will transform the way we transact.
There is certainly a lot of hype around how much money can be made trading cryptocurrencies like Bitcoin but the technology behind crypto, which is Blockchain, is often overlooked. Blockchain has its own value and can be seen as a profitable technological venture considering the World Economic Forum predicts that by 2025, 10% of GDP (gross domestic products) will be stored on blockchain technology.
Blockchain technology is impacting on many industries in a major way with Australia’s top 5 banks already invested in the technology and billions of dollars being spent trialling it within large corporations.
Blockchain is very important because it provides a clear ledger and record that is immutable and cannot be changed. If we consider our current transactional processes we see billions of transactions made every day with trillions of dollars being moved around our financial systems. Much of this process involves a paper trail and administration which results in theft and fraud in the sector. In a recent publication from the Harvard Business review “45% of financial intermediaries, such as stock exchange and money transfer services, suffer from economic crime every year”.
Thanks to Bitcoin, the transactions have protection from many of these risks and offers transparency, traceability, speed and quality of data.