Blockchain the New Banking Revolution?

Blockchain the accounting technology behind Bitcoin, is looking like it could be the next frontier for banking. Blockchain is a distributed public ledger that records and validates all bitcoin transactions. Using complex cyrptotechnology that allows users to securely transfer money directly without the need of a middleman. All transactions must be signed off on by both parties and once completed cannot be erased. 

Santander estimates that the new tech could potentially save up to $20Bn.  Many major banks are slowly starting to invest in blockchain and small fintech companies are popping up with blockchain at their core. Banks still have a much larger mainstream customer base, years of experience and regulatory clearance over blockchain startups. 

The benefits from Blockchain are numerous even if bitcoin is not as widely accepted, if not for the intense security alone. We have already seen almost every major bank switch to the encrypted chips in credit and debit cards. Tech that has been available for years and was adopted much earlier in Europe before the US. Keep an eye on blockchain to make serious waves in the payment industry as more consumers use mobile payment methods and digital transaction volume increases.

Let me know what you think the future of Blockchain holds!

Blockchain clearly defined here

Citi bank's blockchain outlook here