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How can the Blockchain Change the Financial Industry?

 

The technology most likely to change the next 10 years of business is not the cloud, Big Data, Artificial Intelligence, social media or even robotics. It is the blockchain. 

The blockhchain technology is complex, but the idea is simple. It is a vast, distributed ledger that runs on millions of devices and caters to everyone. It moves and secures information, money, titles and anything of value. It establishes trust through mass collaboration and clever code. In a word, it ensures integrity and trust between customers, partners, suppliers and even strangers. Thus, with the technology, it is difficult to cheat.    

Today, the financial industry is the most centralized institution. It is also the last to adopt technological revolution. Many financial services are monopolized and are elusive of disruptive innovation. The industry runs on outmoded technology and follows regulations imposed since the 19th century. It is fraught with problems, which make it insecure, and nontransparent to stakeholders. The financial industry makes our global economy buzz; thus, it needs to break free from contradictions and uneven developments.      

The blockchain can fundamentally change the financial industry in many ways:

  • Reducing costs
  • Making complex financial transactions easier
  • Making a viable new market from the world’s unbanked
  • Improving regulation
  • Promoting transparency

Indeed, the blockchain is already making a big impact to the financial sector. The increased security it provides will make it a popular store of money.

The technology holds great promise to revolutionize the financial industry – for good. It can liberate many financial services from the confines of old institution. It will foster both competition and innovation. With the blockchain, people can become more connected. They can participate in financial activities and get a chance to a prosperous life. When everyone shares the same distributed ledger, settlements occur instantly. Billions will benefit, empowering entrepreneurs all around the world.

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Charlie Alsmiller

Throughout his career, Charlie Alsmiller has focused on customer problems in difficult industries such as Energy and Telecommunications. Prior to starting Appterra in 2005, Alsmiller was VP of Global Operations for Allegro Development, a leading provider of software for the energy sector. He has also served as president of OmniSpace Technologies, a leading SaaS provider that he founded in 1999. He spent over 10 years in the consulting world with Price Waterhouse and Deloitte Consulting, where he participated in a wide variety of projects for very high profile clients. Mr. Alsmiller holds a BBA from Baylor University in Management and Information Systems and a MBA from the University of Dallas in International Business. Specialties: Technology ventures, Enterprise Software, Contract Negotiation, International Operations, Private Equity, Product Management, Strategic Alliances, Software Implementation, Software Development

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