Blockchain: The Harbinger of Transparency in Finance
There has been a lot of buzz about blockchain in the last decade, since the technology’s inception in 2008. But how will it really change the way we transact in the future? A question worth pondering upon, right?
The internet was considered to be a big fat fad, years before it came to be used as one of the mainstream methods of communication and accessing media. Nobody, would have thought that it will be the single most important phenomenon influencing lives on a global scale. From purchasing goods and services to redefining our social lives, the internet has done it all.
And if you have been following the recent developments concerning blockchain, it won’t be difficult for you to find striking similarities between the technology’s current phase and the time which the internet left behind to become what it is now.
So, before we begin our discussion on how blockchain will revolutionise finance, it is important for you to know the scale of impact, which such a revolution will bring.
Consider an old-fashioned ledger, one of those big leather-bound books that businesses, financial institutions, regulatory bodies and title companies have been using to record all their official documents and transactions.
How amazing it would be to make this ledger public, with everyone being able to access it anytime, anywhere. There, would no longer be a requirement for so called “authorised” parties to inspect records in that ledger anymore. An online version of the same could be instantly accessed by multiple parties, in a secure, irrefutable, private and a real-time environment.
So, you see how blockchain will change things significantly! It will move the needle in financial transactions w.r.t speed and efficiency. While the application of the technology is still in the proof of concept stage, it could play a positive role in a range of industries and sectors related to healthcare, insurance, government and most importantly banking and commerce.
“This is revolutionary technology,” says Gautam Jain, Global Head of Digitisation and Client Access, Standard Chartered Bank. “What we do with the revolution, the industry is still coming to terms with. Hopefully, organisations will be able to harness the power of this technology for the advancement of the society and community, especially banks – to make global trade and financial services much stronger, to help connect communities, and help our societies grow.”
Just take a step back and think of the immense and seminal possibilities with blockchain. Companies could gain near-instant global access to their funds anytime and anywhere; with the cash in continual motion to meet a company’s working capital and liquidity needs worldwide.
Banking in particular could benefit hugely with advances such as real-time settlement capability, reducing counterparty risk, and enhanced automation. Cross-border transactions would become possible in real time, and money itself could be exchanged at the speed with which information moves today.
As Mr. Gautam very aptly put,”
“Banks should be taking a lead in this because if you look at the original purpose of setting up a bank, it was to connect communities together, and facilitate trade and commerce. For the first time, you have a tool to do just that on a global scale which is secure and irrefutable.”
It is for this reason, that Etherecash is focussing on a blockchain based solution for financial services to revolutionize how consumers lend, send and spend. With a primary goal of bringing transparency, speed and reliability to financial transactions, on a global scale, using a tri-function ecosystem operated on the Ethereum blockchain. This will enable speedy money transfer globally at a fraction of the cost of traditional transfer systems, while facilitating crypto asset backed loans also. To know more, visit Etherecash.io
Source: https://etherecash.wordpress.com/2017/12/31/blockchain-the-harbinger-of-transparency-in-finance/