How can we benefit from blockchain technologies?

Nowadays blockchain is one of the most common topics among business news. Blockchain technology is the best-known distributed ledger technology. As a digital ledger, it is a database, which keeps a final and definitive record of transactions. Records, once stored, cannot be tampered without leaving behind a clear track, so it provides safety to its users.

   Furthermore, blockchain enables a ledger to be held in a network across a series of nodes, which avoids one centralized location and the need for intermediaries' services. This is important for providing trust, traceability, and security in systems that exchange data or assets.

   Indeed, there is a lot of potential for blockchain to be used in many different areas such as financial services, supply chains, or healthcare. According to World Economic Forum (WEF), 10% of global Gross Domestic Product (GDP) could be stored via digital assets through blockchain technology (such as Distributed Ledger Technologies, DLT) in less than 10 years.

   A European Union (EU) report states that blockchain can be used by governments for citizens' ID management, taxation reporting, development aid management, eVoting, and even for regulatory compliance (RegTech). For media and intellectual property to directly distribute music, videos, and other content. By insurances for automatic execution of contracts, and in healthcare to track transactions on patient's health records and identification of access.

   Hence, blockchain is considered to have a breakthrough impact and create disruptive innovation in multiple industries. It aims to make processes more democratic, secure, transparent, and efficient. Many businesses related people refers to blockchain as a game changing technology. Digital technologies in general are changing the way we interact to each other and access or consume content. These financial technologies (FinTech) can affect completely the financial services ecosystem.