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Post# of 4963925
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Sunday, 01/21/2018 12:20:54 PM

Sunday, January 21, 2018 12:20:54 PM

Post# of 4963925
$ DIGAF, VSQTF, SING**

Blockchain..next emerging Technology:

https://www.yahoo.com/finance/news/surprise-company-holds-most-blockchain-140400539.html

Blockchain offers game-changing potential
Blockchain, in its simplest form, is the digital and decentralized ledger that underpins virtual currencies and is responsible for logging all transactions. Its invention and evolution were predicated on the belief that the current banking system is inefficient and needs to be overhauled. Though blockchain offers numerous advantages, it intends to "fix" the financial services industry in three critical ways.

First, as noted, it brings decentralization to the table. Rather than having all transactions stored in a data center, blocks of data that make up the chain are stored on servers and hard drives all over the globe. This ensures that no single entity can ever gain control over a cryptocurrency, and it keeps cybercriminals from being able to cripple a virtual currency by gaining access to data.

Second, blockchain eliminates the need to process transactions with the involvement of a third party, which is most often a bank. Financial institutions love playing the third party since it means they get a fee for every transaction. Since blockchain transactions skirt the need for a third party, transaction fees are expected to be lower.

Third, and perhaps most importantly, it drastically speeds up transaction verification and settlement times. With today's banking system, it's not uncommon for cross-border payments to be held for three to five days before they're validated and settled. Given that blockchain transactions are being proofed 24 hours a day, seven days a week, verification and settlement can occur in a matter of seconds, depending on the network.

It's also worth pointing out that while the financial services industry would benefit most from the implementation of blockchain, it's far from the only industry or sector that will. Technology, energy, and consumer goods companies are all looking at how blockchain could better help them manage networks or their supply chains.

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