It is 2018. PSDA2 has now been realised. Only a few years ago that the concept of 'open banks' seemed implausible. How long will it be before we also have public blockchain?
Believe it or not, blockchain is now a decade old. The smartphone only took 10 years to captivate the population. Right now, financial institutions currently spend between $60 million and $500 million just to keep up with KYC regulations, whilst the new age reality, powered by blockchain, is that a cross-border payment which previously took up to 6 days can now be processed in 20 seconds (this was actively tested). Convinced that you need to act yet? Here are seven reasons why it is vital to get up to speed.
7 Reasons Why You Need to Know About Blockchain
1. When I was young I thought that money was the most important thing in life; now that I am old I know that it is.
Even in 2017 the cryptocurrency market is bursting through the ceiling. Its value increased an estimated 3,900% to $703 billion between Dec. 31, 2016, and Jan. 15, 2018. Where else could you find such a lucrative ROA in your portfolio?
2. A thousand fibres connect us with our fellow men.
Dow Jones Industrial Average component Cisco Systems (NASDAQ:CSCO) is developing its own blockchain to identify and monitor different connected devices. This type of adaptation of blockchain to IoT is going to be the foundation of the revolution in insurance. Being one of 200 organizations in the Enterprise Ethereum Alliance, Cisco is one of an ever-growing crowd.
3. If You Build It, They Will Come.
No longer is blockchain in the concept stage. Now everyone is building. Supply chain validation (such as international shipping), food safety verification, et al, show that blockchain can be utilized in matter-of-fact business. The more versatile ways in which it is used, the more it is tested. The more it is tested, the more reliable it becomes. The more reliable it is, the more it gets used... You get the picture.
4. We only have today.
Blockchain-enabled data allows for real time analysis. For example, real-time movement of clinical and behavioral data between physician and patients; and machine learning on a growing patient database can help identify predictors of diseases and poor health.
5. The Earth is what we all have in common.
"Residents of the Park Slope area of Brooklyn are able to sell power generated from rooftop solar panels via a microgrid enabled by a blockchain ledger that records every transaction made with a local utility. The physical microgrid, set up by Siemens Digital Grid Division, includes network control systems, converters, lithium-ion battery storage and smart electric meters. In case of another hurricane like Sandy in 2012, residents on the microgrid would continue to have power for a time – even during a blackout – as they could switch to battery reserves."
Blockchain is not only environmental, it cuts all sorts of intermediaries out which implies less costs and more profits.
6. The true method of knowledge is experiment.
Active encouragement in blockchain labs is accelerating the changes. Before only big players like IBM and Intel had access to the top benefits of the rigorous code, but now Hyperledger is expanding its base.
7. When Small men begin to cast big shadows, it means that the sun is about to set.
The endless paper chains and auditing are about to change radically. "Customs declarations, tax calculations, and product history and provenance are all easily derived from looking at the history of the tokens in that blockchain. No separate blockchain is required for trade finance, payments or product traceability." With this greater efficiency, we open up our time and resources to focus on what is really important.
At the Blockchain in Finance event in Rome, in March, we move beyond platitudes and analogies to cut to the actual chase so that we can understand what will happen and what we can do physically and tangibly with blockchain technology to make an impact in our banking business.