People all over the world are talking about the hype that involves various discussions about blockchain and blockchain technology. The recent development in this field has encouraged the people and organizations that are related to various financial activities, directly or indirectly. You should also feel the pleasure of the recent report of the World Economic Forum that claims that 10 percent of the world’s GDP would be stored on various blockchains or blockchain technology. This claim is not a joke, and that is why everyone involved in such a business must consider this claim seriously. However, people all around the world are still not fully aware of the terms, and they still require some idea as to what this technology does.
The people, who understand the utilities and power of BlockChain, term it the ‘Internet of Values.’ The claim may or may not be true. However, the new tech enthusiasts would need some clarification to develop an understanding of the valued technology with loads of possibilities and promise.
Sharing information and various other things through the Internet has become a part of everyday life worldwide. The same thing can be done for transferring value using the Internet. The term ‘value’ should be referred to as ‘money’ here. At present, we cannot think of anything except banks and other money transfer platforms when it comes to transferring money from one account to another. PayPal has been one such platform that the users need to integrate into their bank accounts for sending or receiving money. It won’t be wrong if you term the banks and other financial services as ‘middle man.
The revolutionary idea of blockchain technology does not confirm the idea of this ‘middle man’ anywhere. The technology is powerful enough to do the same transfer of money. The technology does everything in three separate roles, namely recording the transactions, establishing the identity, and confirming the contracts. The effectiveness of the technology can be measured by the fact the transfer is accurate, and it is faster than any other method of transferring money men have used till date.
There is no doubt that the market of financial services is the biggest and the most preferred by people from all walks of life. The block chain technology has the power and strength to replace the financial services. It can do the same by enabling bulk and individual transactions. It has the required potential and efficiency to manage such transactions easily.