Blockchain is a mix of potential and hurdles

first_img 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Using blockchain technology is already a primary goal for many financial institutions (FIs). These FIs are likely asking themselves, “How can we use blockchain in our business?” What they should be asking themselves, however, is “What are the problems we want to solve?” By approaching blockchain in this regard, FIs open themselves up to blockchain’s true potential—and its hurdles.At this early stage, it seems blockchain’s greatest contributions to the financial industry will be around transparency and security. Blockchain lends security because it stores precious digital cargo in blocks that are digitally stamped and distributed across multiple sites. If a block is altered by a malicious node, it is immediately detected, and an unaltered version is retrieved from other, intact nodes.With much potential, however, comes challenge. This too, is the case for blockchain. To truly see blockchain reach its potential, blockchain developers must overcome the following four challenges: continue reading »last_img

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