Most digital currency enthusiasts are well aware of how the blockchain can be used for a wide variety of platforms and projects, despite the majority of focus revolving around the financial sector. Deutsche Bank has put together an interesting list as to how the blockchain can change our lives for the good in the coming years. There is more to distributed ledgers than just quick and cheap transactions around the world.
Start Experimenting With Blockchain Or Miss The Boat
That seems to be the general tone of the Deutsche Bank report, as they have put a lot of focus on why the blockchain should be of significant importance to anyone in the world. Although there are still various financial use cases listed in the report, some other interesting sectors are being touched upon.
The obvious use case for blockchain technology would be coming up with a way to speed up money transfers all over the world. In fact, by using distributed ledgers, transactions could be as fast as real-time, which would be a significant increase from how things are done using the legacy system.
Digital currencies are another area being explored by developers and various central banks these days. Even though a central bank issuing a digital currency may have better chances of success than any other – according to financial experts at least – their future remains very uncertain right now.
But why use blockchain technology for these more traditional approaches, rather than thinking out of the box? Bringing more technology to various aspects of life, for example, would be kind of interesting. For example, using the power of distributed ledgers make it possible to implement specific transparency requirements for just about any service, whether it is in the financial world or elsewhere.
Moreover, the blockchain can be used to transform the know-your-customer procedure altogether. Although companies will still be required to collect data on the individual user, the way that data is stored and secured will change. This will, in turn, reduce the number of data breaches where sensitive user information is stolen by hackers and other internet criminals.
In the end, the blockchain will eliminate the need for third-party service providers in the future., which will be beneficial to just about any industry. Peer-to-peer mechanisms are the future, although it will not be easy to ensure distributed ledger technology will be integrated any time soon.
Source: Deutsche Bank
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