The Role of Blockchain in Finance
Blockchain offers tremendous benefits for businesses. The question is whether they will use them to their advantage.
The rapidly progressing adoption of blockchain technology and cryptocurrencies are disrupting the financial industry.
According to CoinMarketCap, the crypto market – which now includes over 9,800 digital assets – has a combined capitalization of $1.25 trillion, outpacing Apple on the road to challenge gold’s leading position ($11.65 trillion).
At the same time, a recent report estimates the blockchain market to expand from 2019’s $2.01 billion to $69.04 billion by 2027 at a compound average growth rate (CAGR) of 56.1%.
By now, it has become clear that distributed ledger technology (DLT) is in high demand.
But how can blockchain and crypto help financial organizations in improving business efficiency?
Blockchain Is More Than Crypto
When most people hear the phrase “blockchain”, the first thing that comes to their minds is cryptocurrency.
Indeed so, blockchain is the underlying technology of crypto, which powers nearly all digital assets on the market while promoting transparency, high security, peer-to-peer (P2P) transactions, and decentralization.
That said, blockchain is not solely about cryptocurrency transactions. Instead, DLT can be used in almost any field related to data delivery and information processing.
For that reason, many companies are either considering or already adopted blockchain technology to enhance their business processes.
Despite that DLT is still in its very early form, there are many examples of large corporations utilizing the blockchain for real-world use-cases.
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