Blockchain is a technological advance that will have wide-reaching implications that will not just transform financial services but many other businesses and industries.
There are still several hurdles to overcome as it transforms the finance and banking as we know it, the potential cost and labor savings it could create for the global financial market are so appealing that many major financial institutions are investing millions in resources to research how best to implement it.
Billions of individuals and businesses are served and trillions of dollars are moved around the antiquated global financial system each day. Still heavily reliant on paper, albeit dressed up with a digital facade, there are many issues with this system that cause added expense and delays as well as make it easier for crime and fraud to cripple it. Despite the financial industry’s resistance to change, Blockchain and its expected benefits make it worthwhile.
What is blockchain?
Blockchain technology was invented in 2008 to power Bitcoin, the most skyrocketing cryptocurrency, rely on the blockchain technology. Many of you may be familiar with Bitcoin, a type of digital currency that operates independently from a central bank, but the tech behind that system most people are not familiar with is Blockchain. The Idea is Pretty simple, There are many different Blockchains—public and private—and they allow anyone to send value anywhere in the world where the Blockchain file can be accessed. Think of each chain as an online database stored in a distributed, peer-to-peer fashion. The storage devices for the database are not all connected to a common processor and each block—ordered records—has a timestamp and a link to a previous block.
Blockchain is also called “The internet of Value”, because as easy it happened to share data and information online after the Internet same it happened for money after the Blockchain technology launched. A recent World Economic Forum report predicts that by 2025 10% of GDP will be stored on Blockchains or Blockchain-related technology.
Hurdles to blockchain implementation for financial services
Before we can realize all the extraordinary opportunities Blockchain technology offers us for the banking and financial services industry, there are some hurdles we need to overcome.
The Blockchain technology, that would be used by financial institutions would need to comply with privacy laws of today and the future and need to ensure the safety of the data. There are many questions regarding regulatory oversight for this new technology that need to be sorted out. And, any Blockchain used in this sector would need to handle an extraordinarily large data set, is incredibly important.
Blocktimum, is Future and Solution of Blockchain Finance
Delivering on the promise of innovation, so that the global finance market is empowered to move forward
a disruptive technology has created a unique opportunity that is
Blocktimum Digital Assets PLC is a finance blockchain solutions provider that work with business leaders in the finance industry who have a problem extracting business value from technology. What they do is create real-world applications that deliver on the promise of innovation so that the global finance market is empowered to move forward, which means they can finally start releasing the value trapped in the chain.
Blocktimum the global private digital asset firm revolutionizing, secure distance assets plans and secure assets for organizations and individuals alike, today announced it has raised $50 million in new investment capital in a round of funding led by renowned investors.
The Above Operating Divisions have strong Brands and leading positions in attractive international markets, providing the Group with predictable and visible revenues and has a track record of consistent dividends funded by strong and visible cash flows.
Blocktimum has raised over $50 million from more than 15 strategic investors across the world, encompassing the leaders within the financial and technology ecosystem who are uniquely placed to help drive adoption on a global scale. It offers, investors exposure to the burgeoning Knowledge and Information Economy with a robust business model and attractive financial characteristics.