Blockchain Technology: What does it do? Is it good for business?

This year, 2016, will be the biggest year for blockchain technology. The excitement surrounding it has created a seemingly new industry – the blockchain industry. It is not only for developers anymore, but for business people as well. Multinationals from banking, technology and other industries have slowly caught on the trend. In fact, when you go to a blockchain conference, you see more banking and technology professionals instead of the prominent figures of the Bitcoin world. The business people are now getting involved, and they are changing the blockchain industry and its culture. They are not worried about how the technology works, but what it does. They care more about what can be achieved with the blockchain with regards to business-to-business processes and modern business models. The technology is a means to achieve a goal, and business incumbents are curious about what they might do with it. Mainstream financial institutions are discussing blockchain projects. They want to exploit the technology and the opportunities within it. While there are many concerns about the adoption of distributed ledger technology, the blockchain could still ensure economic peace and stability. It could transform the business processes at the back office. This means that the technology is not only intended to be a currency but an efficient way to record transactions as well. 70% of financial institutions believe that the blockchain technology will be good for their businesses, and 19% are fully prepared for the impact it could have on their businesses. In order to take advantage of the positive effects of the technology to business, we need to forget how the blockchain works and focus on what it does. While we may love the technology behind it, we need to focus on the use cases for the masses if we want to attract them. Sign up for our weekly blog summary and newsletter!

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