Blockchain technology

Blockchain can be?defined?as a large?distributed database?in which all types of transactions can be recorded directly between parties without the need for intermediaries, in real time, securely, and with complete traceability.

Blockchain can be used in almost any sector you can imagine,?Global spending on blockchain is forecasted?to reach $17 Billion in 2024, which gives a clear indication on how fast?the?blockchain?technology?is?growing.

The blockchain technology is transforming many industries, ecosystems and even the way governments work.?Many industries, companies and even governments?will need to adapt.

Here are some?sectors that will be affected by #blockchain :

1- The banking sector.

Blockchain technology has the potential to solve several significant problems faced by the banking industry today. The block chain secure system can provide permanent records of the millions of transactions that take place in the banking industry each day.

It could significantly lower the risk by providing secure records, and money could be transferred cheaper and faster through the blockchain network, which will be beneficial for the bank clients.

Santander announced?in 2018?the launch of a new international payments service using blockchain-based technology. The service is available to retail customers in Spain, UK, Brazil and Poland, and will be rolled out across more countries.?

https://www.santander.com/content/dam/santander-com/en/documentos/historico-notas-de-prensa/2018/04/NP-2018-04-12-Santander%20launches%20the%20first%20blockchain-based%20international%20money%20transfer%20service%20across%20-en.pdf

2- The government sector.

Record management and identity management for maintaining individuals’ records such as birth and death dates, marital status, or property transfers.?Block chain could also solve and enhance tax’s issues and processes, which will apparently benefit the government authorities.

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3- The real-estate sector.

Blockchain can transform the real estate sector, through maintaining records of all the real estate transactions (buy, sell, rents etc), and doing these transaction through the blockchain network in a very secured, traceable, fast and efficient way. It will also reduce the time and cost of these transaction.