5 Predictions On How Blockchain Will Drive Digital Transformation Posted on : Nov 09 - 2017

My prediction: there will be a time when it seems impossible that we ever survived without blockchain.

Until then, the technology that once was the lesser known force behind Bitcoin is now seeing its own day in the sun. In fact, what started largely as a security tool for cryptocurrencies holds even greater promise for protecting almost anything—from music to mortgage loans. And as the Internet of Things continues to expand, that level of protection — and speed — will be imperative to keeping our world running. The following are my top five ways blockchain is set to push digital transformation to the next level.

A Day Without Banks — And Bank Robberies

It’s possible — and I’m not just talking about putting money beneath your mattress like in the good old days. The power of blockchain can essentially eliminate the “middle man” in financial transactions like loans, wire transfers, and other services that require often exorbitant transaction service fees. And I don’t just mean removing the need for bank tellers. I’m talking about the ability to turn all currency digital so that it no longer needs to stored or secured at all. Even beyond Bitcoin, blockchain could be used to develop local currency or internationally accepted money — depending on the needs of the industry or user. Although you’d think Big Business in the form of the country’s major financial institutions would be pushing hard against blockchain because of its potential to put them out of business, you’d be wrong. Research shows 65% of banks plan to implement some form of blockchain in the next few years. That’s how powerful this technology has become.

Goodbye, Currency Exchange Fees

I have a friend who recently tried to wire money to Bangladesh to help some people in need. By the time she talked to her bank and figured out the transfer fees, the recipients were getting far less than the original money she intended. Such is the way of currency exchange and international wires. But blockchain and its promising “borderless cryptocurrencies” could make it easier to do business with other countries. Not only will it be easier and faster, it will have fewer organizations stuck in the middle to remove their piece of the fees. This is encouraging both for international business, international aid, and even remittances sent overseas by immigrants to their home-based families. In my mind, this is what digital transformation is all about — help customers and users live better — and keep more of the money they earn, as well. View More