Bitcoin’s underlying blockchain technology has seen a lot of applications in the recent times. Banking and financial institutions are some of the major parties interested in the development and implementation of distributed ledger technology to their operations. Fintech is one of the hottest sectors at the moment. With a considerable number of fintech applications based on blockchain technology, we can expect a rise in blockchain 2.0 implementations.
If the track record of the fintech industry in the past two years is any indication, then the coming years will be exciting and eventful. The industry sector has already received an upwards of $60 billion in investments since the beginning of this decade. The numbers are expected to only go up. The rise in investments is attributed to the market opportunities and judicious usage of funds by the startups to achieve results.
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The buck doesn’t stop with fintech. According to recent reports, blockchain has the potential to do much more than fuel innovation in fintech sector. A report by Frost and Sullivan believe that the use of blockchain technology can put a stop to cyber-attacks. Cybercriminals continue to find new ways to compromise the cyber security of businesses. Business Email Compromise attacks are the latest method adopted by them over conventional ransomware and other Advanced Persistent Threat attacks. They believe that the use of blockchain technology can increase the trust levels between the stakeholders to facilitate an exchange of intelligence among industries.
The analysts were quoted by a business news publication saying,
“The setup of more Information Sharing and Analysis Centers (ISAC) will form platforms for both the private and private sector participants to share threat intelligence… Blockchain may emerge as the technology to facilitate the exchange as it authenticates the trusted party to contribute, obfuscates the contributor’s detail with anonymity, and offers a tamper-proof system that prevents unauthorized alteration of any data shared.”
The recent call for applications issued by BNP Paribas fintech accelerator is one among many signs indicating the increasing interest among mainstream institutions in blockchain technology. Taking all these things into account, it is quite obvious that the digital currency technology is going to score big in 2017.
Ref: Econotimes| FinExtra | Image: Shutterstock