The Blockchain is an internet based technology that is set to change money, business and the World as we know it forever! The protocol forming the basis behind the systems architecture and operation of Bitcoin and other crypto currencies is designed to enable peer to peer transactions without the need for a trusted third party ‘intermediary’. This technology can be applied in various sectors including Banking and Finance, Real Estate, Telecommunications, Law, Governance (voting) among other sectors.
What is Blockchain?
The Blockchain is not just a protocol to run Bitcoin and other cryptocurrencies and is a robust and a multi-dimensional platform which can be utilized in a very wide variety of disciplines and is set to disrupt at least 19 Industries. The video below evaluates these industries and how they will be disrupted:
The financial services sector typically makes up a significant proportion of any countries economy which includes banks, investment firms, and insurance companies. According to Investopedia the market estimates believe that by 2022, the financial services market is expected to reach $26.5 trillion, growing at a rate of 6% during the forecast period. Asia Pacific is the largest financial sector globally, followed by North America. The video below analyses how this sector will be disrupted by new blockchain technologies and fintech!
For emerging economies particularly those with a high proportion of unbanked populations especially in Africa, blockchain technology presents a significant opportunity to accelerate financial inclusion. The free movement of funds within this economies will help to uplift the lives of many citizens in impoverished nations enabling them to start to engage and move up in the hierarchy of needs.
The remittance market which is a $600bn-plus business globally is currently dominated by money transfer companies like Western Union and Moneygram and commercial banks among others who take days to fulfill transfers and also charge exorbitant transactional/commission fees are prime targets of this transformational technology. Through the blockchain users will be able send money to anyone in the world without the need for these intermediaries putting most of the above quoted money back in the pockets of the senders and receivers of the remittances with near real time delivery.