Blockchain technology is being regarded as the biggest disruption of the 21st century with the power to change the world. With its power to change how businesses operate, this innovation is one that all business executives need to embrace. Majority of them are actually already using it, while others are considering to adopt it.
To fully understand why the blockchain technology is an impactful innovation, you need to understand what it’s all about. Blockchain uses a decentralized P2P network to carry out transactions. Without the interference of intermediaries, transactions are fast, low cost, and more secure with less fraud issues. This is what makes cryptocurrencies possible, and all the good things that come with it, such as transactions without middlemen, anonymous payments and, of course, the infamous Bitcoin casinos.
No middlemen means that you can also carry out transactions in absolute privacy, without the other party knowing who you are or you knowing who your counterpart is. The privacy this technology awards is one disruption many people have greatly embraced, regardless of whether they fully understand blockchain technology or not.
The use of blockchain technology is drastically growing with many people, companies, and countries taking it up not only for coins transactions, but also for free and fair elections. Sierra Leone was the first country in the world to use blockchain verified electronic voting in 2018.
It has also given way for more innovations in the transaction of energy with Kwatt coins to be used in the selling and buying of energy generated from waste.
To get more information about what companies are using blockchain for or how they plan on using it in future, its stats and the trends to look out for this year, read the infographic below:
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Are you know Blockchain provides enhanced accuracy and information in the financial services ecosystem of the bank. Both Swiss bank UBS and UK based Barclays have experimented with blockchain.