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Blockchain will bring fast change globally
Blockchain is bringing fast change to global trade and finance. While the application of the technology is still in the proof of concept stage, it could play a positive role in diverse industries and sectors, including banking, commerce, healthcare, insurance and government.
Companies could gain near-instant global access to their funds any time and anywhere. Organisations such as banks that can harness the power of this technology can make worldwide trade and financial services much stronger.Â
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How blockchain works
A blockchain consists of individual blocks of data involving a series of related transactions linked together in consecutive order.
Blockchain allows all parties to share a digital ledger across a computer network without a central authority.Â
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The promise of blockchain
Blockchain can bring greater efficiency and transparency to the banking industry, such as allowing cross-border transactions in real-time.
It has enormous potential implications for global trade and commerce. It can become very efficient because of the number of parties connected to a transaction in a shared infrastructure.
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