Blockchain is best suited for environments where there is shared information and distrust or a need for validation between two parties — which makes financial services providers prime candidates for its use in at least four areas.
Blockchain continues to win mindshare among fintech executives. The naysayers' position is starting to soften, and the viability of blockchain as a means to exchange information between untrusted parties has begun to receive recognition from major banks.
Luis Cuende has been building software since he was 12. He has now launched a blockchain solution for decentralized businesses. Blockchain Tech News sat down with Cuende to get his perspective on the blockchain now and in the future.
Agents ensure last-mile connectivity for remittances service providers, but networks can suffer from issues such as lack of financial incentives and networking. A blockchain-based solution might enable better collaboration, increased engagement and improved incentives.
One area where the blockchain is gaining a foothold is in intellectual property, where it's being used mainly as a way to ensure that artists and musicians receive recognition and compensation for their work, no matter where it might pop up on the internet.
The blockchain allows anyone with access to its distributed ledger to track what went into a product and who handled it along the way. This transparency is especially relevant to food supply chains, given their geographic expansion in recent years and the amount of data companies track.
With new technologies, it takes a while for regulation to catch up. Blockchain technology is no exception. While we are slowly beginning to see standards emerge, the reputation of blockchain is still marred by the criminal aspects of bitcoin.
It's rare for a day to go by without a bank, startup or financial firm jumping on board the blockchain hype train. But before we get too excited, however, we need to understand the basics of the blockchain.
While bitcoin's price has been on a rapid increase since the start of the new year, the public at large is still learning about virtual currency and blockhain technologoy. The five best read stories in January demonstrate that reality.