Essentially, blockchain is a database which operates through peer-to-peer transactions. It can be significantly faster, lower cost and more secure than older technologies.
The most recent vote of confidence in blockchain comes from IBM.
In TechCrunch, Jon Russell reports:
" ... [IBM] has teamed up with blockchain startup Stellar and payment company Kickex to launch a cross-border payment system for banks which uses blockchain to 'reduce the settlement time and lower the cost of completing global payments for businesses and consumers.'"
This is one more step toward universal adoption of blockchain. It needs widespread acceptance if it is going to be a standard technology.
In addition, blockchain performs a key role in enabling entrepreneurs in developing economies to conduct their transactions without the traditional banking system. Yes, blockchain can function via banks. But it can also be a stand-alone operation.
The unbanked around the world have this option. So do those in the U.S.
Even we banked are having second thoughts about transacting business via BigBanking. The fees, for example, are high. Customer service via ham-handed i-call centers is frustrating. And the whole notion of The Bank seems so 20th century.
Place your sponsored content and links on this syndicated site. High Google Rankings. Brandname inbound links. Contact firstname.lastname@example.org for complimentary consultation.