Blockchain technology, which is best known for powering Bitcoin and other cryptocurrencies, is gaining steam among finance firms because of its potential to streamline processes and increase efficiency. The technology could cut costs by up to $20 billion annually by 2022, according toSantander.
That's because blockchain, which operates as a distributed ledger, has the ability to allow multiple parties to transfer and store sensitive information in a space that’s secure, permanent, anonymous, and easily accessible. That could simplify paper-heavy, expensive, or logistically complicated financial systems, like remittances and cross-border transfer, shareholder management and ownership exchange, and securities trading, to name a few. And outside of finance, governments and the music industry are investigating the technology’s potential to simplify record-keeping.
Block chain is one step. The other is secure encryption, and tamper proof by humans. Add double entry accounting and you have pure cash, self controlled cash. Giving us all smart cards would likely saver us 200 billion over the medium term as we become much more secure using money over the net.
The net becomes secure, secure from any Silicon Valley exec who wants to sell our personal data.
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