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The magic of the blockchain

Block Chain trendy – Studies show that exists a clearly tendency regarding the possible impact which the blockchain technology would cause.

The stereotype of the global financial model leads us to an image of a completely centralized environment, with little flexibility, permanently controlled/supervised and with few or any direct and proactive collaboration between its agents. However, during the last years we have seen plenty of technological initiatives capable to change this model and even to challenge the regulations hitherto “untouchables”, including banks without costs nor commissions, and with a full electronic support (Fintech).

What if we were just one step behind to change this inflexible and centralized model to another fully collaborative, where regulation and supervision are passive and the financial agents much more collaborative?

Block chain, the technology used in bitcoins, is a concept created to Exchange money for goods and services with the aim of eliminating intermediaries and provide more flexibility to the global market. This technology is closer to be implemented and used, but in the other hand of its principles, the user of this technology seems to be the financial agents themselves.

As a result of a survey conducted in 2015 among some relevant and robust international companies, showed the following results:

  • 43% of the companies participating in the survey are carrying out initiatives related to Block chain.
  • 77% of the respondents, deemed that the biggest short term impact of blockchain is in the financial sector.

These results are a proof of the importance of block chain in the financial sector.

In addition, although with a lesser percentage than in the financial sector, it has been observed as a market trend, that this technology is also in the agenda of companies in areas like “Identification”, “Property Titles” and “Machine to Machine (M2M) communication”.

This data shows a strong trend of incorporating Block chain technology in the financial intermediation model at global level, which could result in a transformation of the whole systems to a self-managed model, where banks, investment companies and regulators could interact in an indirect but fully automatized way.

We have witnessed technologies that have changed the world and even the way we live. For example: Wireless, Mobile Internet, GPS, touchscreens, smartphones, etc. It appears that Block chain technology has arrived to be part of this list. However, the search of a communication standard which could allow the usage of the technology bu any agent around the world is a major challenge that involves technology, communication and national and international regulations.

On a positive side, this search is not something utopian nor theoretical. Recently, R3( supported and sponsored by 43 financial institutions), in conjunction with Chain (supported by “big players” like Visa and Nasdaq) and some technology giants have completed a proof of concept for practical application in ledger online systems, including cloud processing.


[1] Bitcoin and Blockchain Thought leaders Annual Survey: Data collected though the available presentation in: http://www.coindesk.com/state-of-bitcoin-blockchain-2016/

To learn more about standardization initiatives: Consortium or if you want to learn more of the technology: Coin Desk.

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