The transformation of the financial sector is finally upon us. Technologies like the blockchain are looming over the financial world. Banks and monetary institutions are having to figure out how they can become part of the blockchain or loose ground to mechanisms that are planning to offer new ways of moving money from person to person or business to business via the blockchain. This, authenticated by at least 5 - 7 individuals somewhere in the world, time stamped and recorded on the blockchain. This system is promising to both Mega business and Startups alike.
‘The blockchain, the underlying technology, is the biggest innovation in computer science — the idea of a distributed database where trust is established through mass collaboration and clever code rather than through a powerful institution that does the authentication and the settlement.'
The only problems foreseen at this stage are: (a) the collaboration of other emerging technologies (b) the regularity system that is not yet crafted around this type of emerging technology (c) the power it takes to authentic transactions is staggering and needs to be addressed in order for this tech to become sustainable.