Blockchain technology provides a transparent and secure process to transfer and digitally record information on a shared transaction database through a secure, decentralized, peer-to-peer distributed ledger, which negates the transactional challenges of counterparty trust and the need for a central repository or ledger. It is designed to facilitate the transfer of information or property between users such that the transfer is guaranteed to be secure and known to all participants and shared across a distributed network where the legitimacy of the transfer cannot be challenged.
An estimated 20% of Trade Finance will incorporate Blockchain/Distributed Ledger Technology by 2020, according to IDC. A Santander study also projected that Blockchain technology could reduce financial services infrastructure costs by over $15 Billion a year, so the technology could have cost-saving applications across a number of industries.
“There is much more to blockchain and cryptocurrencies than this high level view. It is an ever changing technology that is revolutionizing our world with its capabilities,” according to REX Shares.
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