The blockchain and Artificial Intelligence (AL) has crossed all the paths. These are two of the major technologies in the entire world, and they are all set to catalyze and converge the pace of innovation as well. They are going to create various opportunities in several industries. And it is going to have a very major as well as a long-lasting effect in our future.
Well, these blockchains are going to introduce several benefits. After all, blockchain technology was one of the biggest stories from the past few years. And the best example for it is the bitcoins, the pioneer of the cryptocurrencies. As the popularity of the bitcoin started growing, more cryptocurrencies and innovations has immersed. It has also become a great attraction for the investors as well as the fund managers.
But let me tell you that, blockchains is much more than just a regulatory body for digital assets. That’s the reason financial professionals need to take a look at how their industries are changing with time. That’s why, today I am going to tell you about the Top 5 Blockchain Based Innovation so that, you can enhance your knowledge and get to know many more new things.
Top 5 Blockchain Based Innovation
- Cryptocurrencies, one of the best payment method
So, one of the most amazing innovation by the blockchain is its ability to improve the ways of financial transactions, compared to the legacy financial system such as the credit card traditional payment process. And recently, the rise in the demand of cryptocurrency technology has turned the cryptocurrency into a vibal currency as well. And let me tell you that, right now, over $500 billion in cryptocurrency exists. You can also trade bitcoin and other currencies if you don’t feel/want to store then in your wallet.
- System Integrity
The next most amazing reason for using blockchain is system integrity. The blockchain and cryptocurrencies technology has eliminated the use of the middleman. And here by the middleman, I mean the person who tends to overcomplicate the method of payment and used to charge expensive fees for the large transaction. The blockchains lot only eliminate the middleman but also provides great security in transactions.
- Regulatory concerns
So, all those who are having an interest in commercial finance, the blockchain’s applications in cross border transaction are very exciting. Well, one of the most amazing advantages of cryptocurrency is the fiat currencies, and the best thing about them is that it could be sent across the border and that too without any fees. So, with it, you can transfer money between any to locations in the world, without paying any kind of fees, and for that, all you need is just internet connection.
- Mainstream banking adoption
Many large banks have not started to develop the infrastructure to support the new financial assets as well as the payment system based in the blockchain. Nowadays, there are many benefits of going paperless. Also, it is beneficial for the banks to offer easier, faster and cheaper transactions for their customers.
- Financial Automation
The other most amazing innovation introduced by the blockchain is financial automation. Blockchains technology continues to gain popularity. And it is really very important to monitor how it is going to affect all the industries. Whereas, the rise of cryptocurrencies has already been attracted to many investors and financial institutions.