- Blockchain technology could be used in many industries, but its first use case was in finance. Financial institutions are looking into how they can leverage the power of blockchain and digital currencies to streamline their processes and reduce costs.
- Banks have been slow to adopt blockchain due to both security concerns and lack of understanding. This has given rise to the concept of permissioned blockchains where only select parties are able to access the network's ledger. In this way, financial institutions can control what transactions occur across the network while still leveraging distributed consensus mechanisms to maintain transparency and trust between market players.
- Bitcoin began as a reaction to centralized financial systems. However, the emergence of other cryptocurrencies has created a competitive crypto-marketplace, creating a diverse landscape of payment options.