Blockchain is Going Mainstream

A while back, many people thought that bitcoin was a fad at best and a tool to launder money at worst. Those days are over. The realization is growing that bitcoin itself is less important than the technology that makes it work – blockchain.

The reason is very simple. Blockchain reduces transaction costs and improves transaction security. For these reasons blockchain can and will revlutionaize how we do transactions. It will make possible transactions that were too expensive before, and it will render obsolete players in the transaction field who imposed costs to secure transactions.

Banks are looking at this now. But we can expect that the big banks will be slow to adopt blockchain. Why? Because they have invested huge amounts in technologies that blockcahin can do away with.They don’t want to abandon these and will not abandon them so easily.

Will other sectors adopt bockchain more rapidly? Good question. We may see a new market or markets based on blockcahin. Those markets will arise where there is no pre-existing infrastructure to displace, there are high transaction costs  and there are clear benefits to be had from accelerating the pace of transactions.

hmmm … we may be talking about micro-payments.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s