The Three Applications For Blockchain Technology

The Three Applications For Blockchain Technology

The Forbes Finance Council have recently published an article which refers to the ‘Three Near-term Applications for Blockchain Technology’. Written by Ben Taylor, the article covers benefits of the blockchain within Audits, Security and Cryptocurrencies. Whilst the three areas covered by Taylor do seem pretty obvious, he does offer an interesting insight. This is important as the Forbes Financial Council are of course a name that can be relied on. I would consider them to be a reliable source for information and therefore would like to take note on what they are saying. What do Forbes have to say about auditing? Taylor argues that the ability to audit and keep records is the main beauty of the blockchain. Its best to see the blockchain as a ledger, somewhere which automatically keeps records of transactions and imprints. The autonomy of the blockchain is what makes it so powerful, transactions can’t be missed or forgotten. That’s why Taylor is arguing that using the blockchain for commercial use, reduces the need for companies to generate and store ledgers, the blockchain by it’s inherent nature does this for you. Taylor says:

“Decentralized systems have the potential to enable financial statements to become live documents that are accessible to stakeholders as needed. While there is a lot that needs to be done to get there, real-time financial reporting is where we’re headed.”

What do Forbes have to say about Security? Again, another important factor in the blockchain revolution, not just security, but trading within security. The transparency of the blockchain is almost window like, meaning any security-based trades and transactions can remain corruption free. Unlike traditionally where misleading transactions can cause problems in the future. Taylor says:

“Blockchain technology has the potential to provide absolute transparency, enabling regulators visibility into the transactions as they occur. Similar to the opportunity for real-time reporting, this new technology will become a tool for regulators to prevent errors and fraud.”

What do Forbes have to say about Cryptocurrencies? Obviously, cryptocurrencies are an application for blockchain technology, this one goes without thinking but what Taylor discusses is much more focused. The article highlights other applications of cryptocurrencies and not just what the currencies are themselves. My example would be currencies that encourage content generation, Taylor discusses Ethereums ‘Cardano’ project that encourages governance, the list is endless. Taylor says:

“Blockchain technology, consensus protocols, smart contracts and other technological advances enable these digital currencies to do what they need to do without sacrificing trust. In the same way that credit card networks and payment processors allow us to easily make purchases, cryptocurrency projects will form the technology stack of the next financial network.”

This piece by Forbes is by no means ground-breaking, but I believe it’s important that mainstream news outlets are talking about this sort of thing. It’s great when crypto-news websites relay promising information about the world of cryptocurrency but how much of this is seen by people who actively avoid cryptocurrency? Getting this sort of information out into the mainstream requires the big news corporations to open their eyes and have an opinion, opinions like Taylor’s contribute very positively to our industry, See it for yourself here- Featured Image Source: Pixabay  

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