There’s a lot of noise coming out of the tech industry about 2019 being a huge year for blockchain – many people are predicting that it’s going to take off (finally) in a big way. Banks and companies are starting to employ versions of the distributed-ledger technology to things like settlement.
Blockchain’s potential for instantly and securely sharing and recording data has gripped the imagination of the financial/corporate sector, not to mention anti-establishment libertarians, who dream of money that’s free from the monopoly of banks and governments.
The former is aiming to replace aged technology, increase efficiency, and slash costs. It’s now been a decade since blockchain was revealed to the world by Satoshi Nakamoto, and no killer app has emerged. This is set to change, though.
Banks and exchanges have the money, and their development of permissioned blockchain systems — limited to members of a defined group — avoids capacity constraints, heavy energy use, and governance issues that have plagued bitcoin and upstart platforms.
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