There is more to block chain than meet the eyes. Some may think that block chains are useful only when they help with the coordination of economic activity in an entirely permissionless and decentralized manner. There is an element of truth to this statement of course. Be that as it may, there are several features of block chains that make them useful in various other aspects, especially the corporate world. Many of those who deal with digital currencies these days do not give much attention to what blockchain really means. A good knowledge of blockchain will prove to be helpful to all and sundry.
How deep is block chain in finance?
Block chain has the potential to revolutionalize the finance world and it looks obvious that nothing can stop this revolution. This is because block chain is created to improve operations in the digital currency world and the world of finance generally in the most unique manner. Many sectors will undoubtedly benefit from the revolution occasioned by block chain, but two main sectors that will be positively impacted the most by this revolution are logistics and finance.
Block chain enables a peer-to-peer remittance service. And the service is made very popular by bitcoin. Despite its popularity, block chain has a rather intricate and complex financial protocol that makes it somewhat difficult for a set of people to understand, especially those that have limited knowledge about the finance world. The complexity in financial protocols traceable to block chain can be seen in a digital currency like Ethereum.
The financial protocols are also the primary drivers of the incomparable innovation in the environment of block chain finance. The use of block chain has equally transcends the world of digital currency and now has a place in the traditional financial world. Many traditional companies now find use for block chain and this is an indication that it is here to stay.