Is Blockchain the Future of Fin-Tech?

Proof Suite might no longer be as much of a secret.  @HuffPost

  • Here are a few reasons why the Blockchain technology could really be the future of Financial Technology (FinTech): – – Part of the reason why the Blockchain technology is considered innovative is its ability to completely diminish the need for a central management system or a central authority.
  • However, more and more companies and institutions are realizing the true potentials of the Blockchain technology, which goes beyond the application of currencies.
  • Many Blockchain projects are helping people around the world to easily utilize and integrate the Blockchain technology into their existing financial data-keeping and data-recording systems.
  • Financial applications such as Bitcoin on the Blockchain technology simply diminishes the need for a physical bank around to open a bank account and send or receive money.
  • Although it is true that the technology is still in its early beta stages with limited use cases within the Cryptocurrency industry, many projects are being introduced to help expand the use of this innovative technology.

The ever-increasing popularity of Cryptocurrencies has also helped shed light on what is known as the Blockchain technology. It is what helps decentraliz…

The ever-increasing popularity of Cryptocurrencies has also helped shed light on what is known as the Blockchain technology. It is what helps decentralize Cryptocurrencies like Bitcoin as with its ability to act as a public ledger, recording and verifying transactions, and ultimately diminishing the need for a central management system.

The Blockchain technology is quoted as being the “next great disruptor, one that is even more likely to change the next decade of business than big data or artificial intelligence (AI)” on a recent article published in the Harvard Business Review. It is certainly going through a similar phase to what the internet experienced during the early 90s: slowly transforming from something that was limited to engineers into a widely adopted technology used by the masses.

Here are a few reasons why the Blockchain technology could really be the future of Financial Technology (FinTech):

Part of the reason why the Blockchain technology is considered innovative is its ability to completely diminish the need for a central management system or a central authority. It allows connected/synced applications to communicate data (information) directly. This brings about a truly peer-to-peer environment whereby users can transact with one another directly. All transactions on the Blockchain are recorded and validated by the crowd, accordingly. The crowd (people) acts as the sole regulator.

The first application on the Blockchain was Bitcoin, introduced by Satoshi Nakamoto, in…

Is Blockchain the Future of Fin-Tech?