Categories: CryptoNews

Deutsche Bank Report Advises Companies To Explore Blockchain Technology

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.

Also read: French National Assembly Hosts Blockchain Conference

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.

Related Post

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

Images credit 1,2

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

5 Underrated Metaverse Coins With Great Long Term Potential

Metaverse coins are all the hype these days, with coins like Decentraland and Axie Infinity…

49 mins ago

Ankr Price Up 11% Amid Binance Listing and Polkadot Parachain Integration

Ankr price is up over 11% today, making it one of the biggest gainers on…

5 hours ago

Keep Network Price Up 45% Amid Upcoming Threshold Merger

Keep Network price is up over 45% today, making it the biggest gainer on Crypto.com.…

18 hours ago

Nugenesis Patented Gasless NFT Platform Will Bring Mainstream Adoption

NuGenesis has 4 patents pending for its gasless NFT multi-cross chain system. It sees NFTs…

22 hours ago

Top 5 Metaverse Coins With Fully Functional Apps to Watch In 2022

The hottest trends in crypto right now are meme coins and metaverse projects. With Facebook's…

23 hours ago

How to Identify and Report Cryptocurrency Scams

With crypto going mainstream, there are a lot of scams popping out. While buying certain…

1 day ago

This website uses cookies.