Blockchain in the real world: 3 enterprise use cases
Credit to Author: Lucas Mearian| Date: Thu, 28 Dec 2017 03:36:00 -0800
While blockchain technology tends to get the most attention for its role in underpinning cryptocurrencies such as Bitcoin and Ether, vertical industries are quickly adopting it for its efficiency and transparency.
The electronic, distributed ledger technology has the potential to eliminate huge amounts of record-keeping and disrupt IT in ways not seen since the internet arrived, according to some experts.
Banking and financial services were the first to embrace blockchain ledgers as their core business functions are ideally suited to its distributed nature, transparency and immutability as a system of record.
In addition to efficiencies, banking and financial services rely on established trust between transaction participants, a time-consuming and high-friction process due to regulatory constraints, compliance and fraud risks and the sheer number of intermediaries involved.
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