Bitcoins can not change the world all by itself, but the technology that runs the virtual currency can greatly.
This is what the World Economic Forum was set at report published at the weekend. The group, known for its annual meeting in Davos, Switzerland, includes various members of the global financial elite. There is a wide range of banking consulting and executive financial Deloitte, JP Morgan Chase, Deutsche Bank, Barclays and other companies contributed to the project continues this year complete.
“Our findings show that this technology has the potential to” Top real-time hype and reshape financial services, but require careful cooperation with other emerging technologies, regulators, stakeholders and serve more to succeed, “the report said.
Crowdsourced Blockchain technology that powers bitcoin can create a new financial services infrastructure for everything from free trade system treasure.
Blockchain, also known as distributed Ledger technology, is a secure database that records all bitcoin transactions and allows them to occur. Although it is safe, it should not be controlled centrally . this is the main innovation that the world economic forum think could change financial services throughout the world.
Developments in financial services all would be behind the scenes, invisible to consumers. But these developments have the potential to become a financial services faster and cheaper.three years, $ 1.4 billion was invested in technology blockchain, the report said. It is also expected that 80 percent of banks will start blockchain products by 2017.
This report, the New York Time said, is a big step toward legitimizing the technology behind Bitcoin financial mainstream.