Technology is always evolving. Blockchain Technology is something created from the always evolving technology. Blockchain is an open, decentralized ledger that records transactions between two parties in a permanent way without needing third-party authentication. This technology is expected to dramatically reduce the cost of transactions. Many entrepreneurs are invested in blockchain and nearly 15% of financial institutions are using it. One example of a company that has its own blockchain technology is Ripple, which is based in San Francisco. Ripple has partnered with a few banks to use its blockchain technology. If a bank were to use Ripples blockchain technology along with its digital asset, which is called XRP, then it could settle payments in 4 seconds. This is a huge time difference because traditional systems will take between 3-5 days. This could lead to companies being able to process a lot more transactions daily. I personally see this as something many more companies will start to use eventually.
Do you think that more companies will use this technology in the future? Feel free to comment below.