There are so many things that I think I can do with the Blockchain technology, the potential is huge but how feasible it is we have to wait and watch, but it is something that has been around for some time and worth investing some money to do some groundwork.
There are a lot of use cases that could be the real game changer without investing heavily in physical and human infrastructure. The blockchain revolution started some time back, and it has taken some of the things by surprise, like Blockchain 1.0 was bitcoin was a substitute for the traditional currency where one central bank issues the currency and governs how it would be valued, traded and consumed in the local market. The bitcoin today is a reality where companies like Amazon, EBay, Overstock, etc. are excepting Bitcoin as a mode of the payment. Now it is about increasing the transaction number and values
Next came the Blockchain 2.0 which is smart contracts, distributed ledger, etc. the entire world of economic, market, and financial applications that have 1000’s of application in the real-world
Real-time gross settlement (RTGS) – this is saying bye-bye to the brick and mortar bank branches, it is early to say that. As human we have been traditionally trained to interface with people face to face.
“Banking services is necessary, banks are not” – Bill Gates
Trading using the distributed ledgers, across various asset classes this is live and happening right now, NASDAQ started a pilot project in Nasdaq Private Market, a marketplace to handle pre-IPO trading among private companies. The platform has more than 75 private companies signed up, according to NASDAQ.
“Utilizing the blockchain is a natural digital evolution for managing physical securities,” said Nasdaq Chief Executive Robert Greifeld.
Digital identity, would be a next generation KYC process, where you can save a lot of paperwork. And at the same time combat the money laundering
Automating the back office processes with the use of smart contracts like asset servicing, clearing and settlement of the securities.
The issue of securities, transfer of financial instruments, or other custody transfer agent related operations, as the blockchain based network would directly talking to the exchange and using the smart contract and the distributed ledger, without the need for broker/dealers.
Putting is altogether there are so many applications, where the paper knows what to do next is “Smart contract” and a book that has details about all papers which can be accessed by all the people in a P2P network is “Distributed Ledger”… “The Blockchain Technology” is nothing but the highway (P2P platform), no one owns the highway, everyone can uses it, to get to where they want to go, suppose you wish to get an email from me, you don’t care how u get it. “Bitcoin” is nothing but the container that helps moving money from one place to other.
As I said this is new, a lot of thought leadership is going on right now around the world I am not sure how much of this would be impacting the ordinary man, but one thing is for sure the best brains of the world are working,to evolve something new which would change the game?