The use of blockchain technology in the financial system

There are a large number of areas of technology applications in the financial system, not counting Bitcoin, as a result of this interest has awakened from banks and other financial institutions. According to the World Economic Forum, in the coming years we will witness significant changes and the blockchain end result will be the “heart” of the future global financial system. Not so long ago, 80% of banks admitted that they were already developing products based on this technology and, according to a survey conducted by IBM, 15% of responding banks showed that their services based on the blockchain will start to work on a commercial basis from the end of 2017.
In the competence of its use:
• The likelihood of accelerated payments and currency transfers, significantly reducing their price: for example, a startup from USA Abra is developing a digital system for global asset management with a list of retail banking services such as payments and savings. Based on the bitcoin blockchain, it already allows, among other things, sending almost instant money transfers to other countries from a mobile device and with a commission of about 0.25% of the current price.
• Stock markets: for example, Nasdaq uses blockchain technology in their private stock market, one of the largest in the world.
• Decentralized forecasting markets: Augur – a market for forecasts on a decentralized base, which allows its users to acquire and sell stocks in anticipation of an event, based on the likelihood that a particular outcome will occur.
However, the use of the blockchain technology is not limited to the financial system, but is much more diverse in its range.

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