We have seen some revolutionary products, companies, technologies in the 20th century, which lured market’s attention. Now the wide-spread top 1 tech, assessed by major institutions, is the blockchain technology.
Blockchain came as a revolution, as a fresh new phenomenon. Such scale of something new in the financial industry was not expected, as most of the public believed that this relatively conservative industry may not see anything new there. But this technology has changed our mind, our vision of the industry for the next century.
It brought some specific features, like reduction of needed confirmation, regulations, monitoring by central institutions, providing the possibility to avoid these basic points.
This is posing a new challenge for central banks as well. Current financial system works through intermediaries, but blockchain works without them through a system of many miners – so a collective monitoring. How can central banks regulate the system now, under this new environment, if they accept this new technology to be used? This is a dilemma, worth of wide-scale assessment for central authorities.
We can see now many institutions setting a tech-teams to study blockchain and its future advantages and disadvantages to consider its use and if, how to manage it. But this will be soon over, it’s only the initial point of technology’s application. Later we will talk more about what else could be done in all the services, related to blockchain, upgrading it on the grounds of customers’ wishes.
Naturally, many people are still confused about it and how does it really work, if it is not exaggerated, and so on. But the future will prove its advantages and we believe that this is another huge step of the 21th century, changing the basic principles of financial industry.
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