{"id":1143,"date":"2019-02-15T10:31:59","date_gmt":"2019-02-15T10:31:59","guid":{"rendered":"http:\/\/kusuaks7\/?p=748"},"modified":"2023-07-19T10:17:25","modified_gmt":"2023-07-19T10:17:25","slug":"governments-and-industries-worldwide-gear-up-to-the-disruptive-blockchain","status":"publish","type":"post","link":"https:\/\/www.experfy.com\/blog\/fintech\/governments-and-industries-worldwide-gear-up-to-the-disruptive-blockchain\/","title":{"rendered":"Governments and Industries Worldwide Gear Up to the Disruptive Blockchain"},"content":{"rendered":"

Ready to learn Blockchain?\u00a0Browse courses<\/a>\u00a0like\u00a0Blockchain for Finance Professionals<\/a>\u00a0developed by industry thought leaders and Experfy in Harvard Innovation Lab.\u200b<\/em><\/strong><\/p>\n

The\u00a0US House of Representatives\u00a0has given the green light to the\u00a0Blockchain technology<\/a>, advocating that the new-era innovation be implemented as a \u201cnational policy for technology to promote consumers\u2019\u00a0access to financial tools and online commerce to promote economic growth and consumer empowerment.\u201d\u00a0Federal Reserve governor Lael Brainard\u00a0remarked how the Blockchain technology could have a major impact on the\u00a0financial system.<\/p>\n

\u201cWe are paying close attention to distributed ledger technology, or Blockchain, recognizing this may represent the most significant development in many years in payments, clearing, and settlement,\u201d she said. Brainard also said that the Fed would publish a research paper on the subject, also indicating that the central bank would discuss the path-breaking technology with both private and public sector stakeholders.<\/p><\/blockquote>\n

First World looks at Blockchain technology with greater interest<\/h2>\n

><\/p>\n

This is not surprising. Governments across the world, particularly the\u00a0First World, are evincing keen interest in the technology that has been hailed by the\u00a0World Economic Forum as Technology Pioneer<\/a>. In fact, many financial experts have termed it as \u201cthe next best thing after the Internet.\u201d In fact, the technology has started taking shape with implementation right round the corner. Also, this is the technology behind\u00a0cryptocurrency\u00a0like\u00a0bitcoin\u00a0and\u00a0ethereum.<\/p>\n

The\u00a0European branch of the International Securities Association for Institutional Trade Communication (ISITC)\u00a0has already proposed as many as\u00a010\u00a0Blockchain<\/a>benchmarks\u00a0to help standardize the diverse set of extant tools in the market. It has said that evolving standards is key to improving adoption for companies that haven\u2019t used or are unaware of the technology. The benchmarks deal with\u00a0scalability, data structure, auditability, regulation, latency, legal jurisdiction, software version control, etc. There have also been continuous global efforts to ensure the technology creates efficient and\u00a0decentralized data-sharing\u00a0without the need to deal with the current siloed and\u00a0centralized database infrastructure.<\/p>\n

\n

Blockchains can ensure real-time seamless flow of information<\/h2>\n

><\/p>\n

A Blockchain is a\u00a0decentralized distributed ledger<\/a>\u00a0(DDL) maintained by a distributed network of computers that requires no central authority or third-party intermediaries. With its inherently decentralized nature and inbuilt resistance to tampering, the technology is perfect for recording and retrieving\u00a0financial data\u00a0and thus becoming the single source of truth for any organization. An organization could obviate the need for maintaining multiple local centralized databases; at the same time ensuring\u00a0real-time, sequential flow of information\u00a0seamlessly across an organization.<\/p>\n

\u201cAn organization can benefit in many ways. Data is processed faster as it does not have to go through multiple layers. Plus, there is no chance of data corruption or breach of integrity. Organizations should move to a decentralized system. We would be able to unlock capabilities for cumulative predictive intelligence and dynamic supply management with multiparty memberships, leading to truly multi-dimensional online B2B and B2C ecosystems,\u201d says\u00a0Shashank Dixit<\/a>, CEO, Deskera.
\nGreater transparency and security in financial transactions<\/p><\/blockquote>\n

The impact of Blockchains is being considered by numerous industry leaders to be as significant as the introduction of\u00a0double entry\u00a0more than 500 years ago. Apart from being faster and more agile than existing systems, the new technology, based on the principle of distributed ledgers, allows transparency in accounting as every transaction is captured in real time. No wonder, Governments the world over are looking at Blockchains as a platform of choice for\u00a0eGovernance<\/a>.<\/p>\n

Future of fintech: Blockchains and cryptocurrency<\/h2>\n

><\/p>\n

Blockchains could prove to be a\u00a0financial revolution\u00a0for businesses the world over. However, it could be particularly beneficial for\u00a0Third World countries\u00a0such as\u00a0Indiathat are plagued with financial problems such as corruption. For example, Honduras, considered one of the most corrupt countries, is leveraging Blockchains to eliminate corruption from the property market. The\u00a0innovative technology\u00a0would radically change the face of financial system as we know it today, rendering the current one obsolete. It would be disarmingly disruptive, lead to a dismantling of\u00a0traditional business models\u00a0across industries. The way forward is to adopt the technology right away and lead the race from the front.<\/p>\n

Originally published at: LinkedIn<\/a><\/u><\/p>\n","protected":false},"excerpt":{"rendered":"

Ready to learn Blockchain?\u00a0Browse courses\u00a0like\u00a0Blockchain for Finance Professionals\u00a0developed by industry thought leaders and Experfy in Harvard Innovation Lab.\u200b The\u00a0US House of Representatives\u00a0has given the green light to the\u00a0Blockchain technology, advocating that the new-era innovation be implemented as a \u201cnational policy for technology to promote consumers\u2019\u00a0access to financial tools and online commerce to promote economic growth<\/p>\n","protected":false},"author":34,"featured_media":4314,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[192],"tags":[98],"ppma_author":[1676],"class_list":["post-1143","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech","tag-blockchain"],"authors":[{"term_id":1676,"user_id":34,"is_guest":0,"slug":"muqbil-ahmar","display_name":"Muqbil Ahmar","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&r=g","user_url":"","last_name":"Ahmar","first_name":"Muqbil","job_title":"","description":"Muqbil Ahmar is a tech evangelist, environmentalist, women's rights advocate, editor, and founder of www.greenubuntu.com<\/a>.   He writes on new digital technologies such as Cloud, Big Data, IoT, Blockchain, Artificial Intelligence, Machine Learning, etc. He also writes on the economy, films, arts and culture, and other diverse subjects.Connect with him on Facebook, LinkedIn, and Twitter.\n\n"}],"_links":{"self":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/1143","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/comments?post=1143"}],"version-history":[{"count":2,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/1143\/revisions"}],"predecessor-version":[{"id":29355,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/1143\/revisions\/29355"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/media\/4314"}],"wp:attachment":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/media?parent=1143"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/categories?post=1143"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/tags?post=1143"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/ppma_author?post=1143"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}