Techvibes posted an insightful article recently titled, “What Every CEO Must Understand About Blockchain Technology” which breaks down what exactly blockchain is and highlights five main things that CEOs should know about the technology.
Here are a few takeaways:
- Blockchain has grown to become a way of removing the friction that exists when using middle men, and is currently being looked at by corporations around the globe to settle transactions. These transactions involve everything from mortgages to shipping container contents to cross-border payments.
- With blockchain, companies can resolve transactions in seconds instead of days. It also helps to reduce tampering, fraud and cybercrime.
- 65 percent of banks plan to start using blockchain by the end of this year, according to IBM. It’s predicted that other industries will catch on to this technology such as healthcare, gaming and government ID creation to name a few.
- Now is the perfect time to integrate blockchain for companies that would like to transform their industry.
- Business leaders need to identify which model they plan to transform early on, as blockchain will impact banking in all different areas like retail payments, reference data and consumer lending.