Blockchain and its resultant cryptocurrencies have long been touted as the next big thing in the financial world. Several of the existing business activities for transactions could be replaced by the methods applicable using blockchain. It is a form of DLT (Distributed Ledger Technology). Cryptocurrencies are a new native digital asses class, withthe added advantage of not having any central authority. A lot of its value is tied to speculative buying, instead of the actual use cases. A DLT can be of particular value in countries where its main currency is troubled, as has been the case lately with Venezuela. The first wave of applications have been in private operations. The entire industry though needs to finalize the benchmark rates and prices, to ensure standardization. Detailed studies need to be done on the data warehousing thus far. This is to detect signs of how false or fraudulent data may creep in. A great amount of duplication will this be saved.

Source:http://knowledge.wharton.upenn.edu/article/blockchain-will-impact-financial-sector/?utm_source=kw_newsletter&utm_medium=email&utm_campaign=2018-11-20

Uploaded Date:07 June 2019