Three things to know
Real world blockchain applications are becoming more common and this trend is likely to continue accelerating over the next five years. Financial services will definitely not be the only industry using blockchain, as a broad and varied set of applications have been identified.
Blockchain brings a unique set of personal benefits, among them is personal digital identification. This, of course, is the private key and public key that a person will receive when personal information is added to blockchain. In healthcare, the blockchain will enable consumers to have a complete history of their health in one place and under their control. In financial services, multiple accounts can securely be managed from one primary location.
As for the timing of more commonplace blockchain applications, one estimate of real-world application timing is 2Q17/3Q17, according to the head of the blockchain initiative at Credit Suisse. From the clearing and settlement at the Australian stock exchange to storing credit default swap information at Depository Trust and Clearing Corporation, blockchain is being made ready for prime time.
Many believe that the key catalyst to dramatically accelerate the adoption and use of blockchain is when a central bank applies it to fiat currency. The question – again – is timing. Some believe that it could be a solid ten years before central banks shift to blockchain. However, one insightful estimate from an industry-insider places central bank adoption within five years.
Blockchain is becoming more commonplace and by all accounts its use will accelerate through not only the next few years, but through the next decade. Hang on.
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