Every day there are more news about what can, may, and should happen in the world of CryptoCurrencies (CCs) and Blockchain. There has been significant investment, research, and lots of chatter, but the coins and the projects are still not mainstream. They have not yet delivered the explosive changes envisioned.
Many ideas are being discussed and developed, but none have delivered big game-changing results. What may be needed for big industry players and large financial services corporations is to continue forging ahead in developing useful Blockchain applications with the help of qualified blockchain technology companies.
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Financial services are a ripe target for Blockchain projects because today's banking systems are still based on archaic ideas that have been faithfully and painfully digitized, and because these systems are archaic, they are expensive to maintain and operate. Banks almost have a good reason to charge the high service fees they do – their systems are not efficient.
These systems have many layers of redundant data, as everyone involved with a transaction has to have their version of the transaction details. And then there is the business of ensuring that there is a trusted third party to clear all these transactions requiring even more versions of the same data.
Blockchain technology holds out the promise of addressing these issues, as each transaction will be captured in just one block on the chain, and because it is a distributed database, security and integrity is built-in and assured.