A lot of people have been saying how the blockchain is much bigger than Bitcoin itself, and they are right for the most part. Even though the Bitcoin protocol is powered by blockchain technology, the capabilities of distributed ledgers are not just linked to the digital currency ecosystem. A recent report by Citi seems to be thinking along those same lines, although most of their use cases are still focused on the financial aspect. This disruptive technology can change a lot of things as we know them today, that much is certain.
Some Institutions Gain from Blockchain Technology
Whenever a disruptive concept comes along, there are winners and losers. But things aren’t so black-and-white with blockchain technology in the picture, although there will be some fundamental changes along the way. Distributed ledgers offer far more advantages than downsides, but that does not mean there will be no casualties along the way.
Assuming this technology would be fully embraced by banks and financial institutions – through consortiums such as R3 CEV, most likely – the infrastructure being used today will undergo some necessary changes. With fewer – or no –