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.