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Blockchain: the next blockbuster?


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Blockchain’s characteristics will allow the technology to be applied across multiple industries and disrupt a multitude of existing processes. We explore blockchain’s application in financial services, summarising its benefits and the barriers to its adoption. 



Instead of transacting via local currency accounts at correspondent banks around the world, banks would be able to send international payments in real-time by using blockchain and a digital currency. Using Ripple as an example, a bank would convert it’s domestic currency in to Ripple’s digital currency, known as XRP; a transfer would be made to a partner bank that would convert the digital currency to the desired currency and the recipient’s would then receive the payment.



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Blockbuster is a terrible term to use in terms of tech, it just reminds me of Blockbuster Video stores which are now a relic because they ignored streaming and the internet.

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