1 . Paying with cryptocurrency
Recently, the rise of cryptocurrency technology has turned cryptocurrency into viable currency. Right now, over $500 billion in cryptocurrency exists but limited ways to spend it. But im sure in the near future, paying with bitcoins will become a thing.
2 . System integrity
Cryptocurrencies and blockchain technology eliminate the need for middlemen. Hence, it’s these middlemen that tend to overcomplicate payments and charge expensive fees on top of large transactions. As such, the very design of blockchain lends itself to security. Also, crypto wallets are essentially immune to fraud due to their complexity and uniqueness. Hence, it’s difficult to steal assets. The assets become invulnerable to forgery.
3 . Regulatory concerns
Third, for those interested in commercial finance, blockchain’s applications in cross border transactions are particularly exciting. One of the main advantages of cryptocurrencies to fiat currencies is their ability to be sent across borders without any fees.
Therefore, Blockchain technology has the potential to offer a more secure experience than traditional wire services. Additionally, users avoid conversion fees between currencies. Small online businesses can also conduct transactions easier than ever. That’s because cryptocurrencies avoid the need for currency conversions that cost both parties significant amounts of money.
4 . Mainstream banking adoption
Fourth, large banks are already beginning to develop infrastructures to support the new assets and payment systems based in the blockchain. In June 2017, a group of seven of Europe’s largest banks formed a blockchain consortium. Forming the consortium was necessary for simplifying payments. Therefore, the result has been advantageous for small and medium enterprises across national borders.
Recently, the consortium has indicated more European banks have plans to join in 2018. As the European consortium grows, it wouldn’t be surprising to see other banks around the world engaging in similar activities.
5 . Financial automation
Fifth, blockchain’s most interesting application is the potential to offer systems where users can automate payments and optimize their finances.
Now, blockchain technology continues to grow in popularity. Hence, it will be important to monitor how its applications will affect all industries. Already, the rise of cryptocurrencies have already attracted investors and financial institutions. Now, the financial industry is poised to gain the most immediate impact from blockchain innovations.