Blockchain technology promises to herald a new era of speed, security and lower costs for a range of global industries ready for change.
Crashing cryptocurrency values have made headlines along with Fed comments on oversight of decentralized finance (DeFi), but the crypto winter is just a subplot in a much bigger story for the global economy. That story is blockchain, and the recent Ethereum merge ─ expected to drastically lower the energy consumption of its network ─ is again bringing the significance of this technology into the forefront. But blockchain technology doesn’t just underlie cryptocurrency — it also enables a host of other advances that will transform the business world.
Why is blockchain such a big deal? Trust. Blockchain technology creates a secure, shared record of transactions and contracts without relying on a central authority. The benefits of blockchain — speed, security, lower costs and traceability of payments and transactions — are poised to overhaul the processes associated with everything from sharing medical records to buying a home or vehicle. Decentralized applications (DApps) hosted on blockchains can make it possible for users to lend, process payments and exchange currencies without a third party. Here’s a preview of the blockchain trends and innovations you’ll learn about in our infographic, featured in full down below.
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