McKinsey conducted a study that estimates there will be significant monetary impact for those using Distributed Ledger Technology, with widespread adoption in 5 years. Their adoption will save global financial industries more than $100 billion. This technology change in the way FIS are developed. Finextra believes there will be a “blockchain” gold rush in the next few years, and I believe the current trends are supporting that.
As discussed in class, Bitcoin is founded on blockchain Technology. Each block in the chain contains data that cannot be altered, but can be added upon. This creates a transaction history and consistency for Bitcoin. This concept is derived from Distributed Ledgers. Blockchain is just another form of it.
Distributed Ledgers are often implemented in the form of permissioned ledgers. They allow for the ledger to be a secure, dynamic, and collaborative data source that only certain members of an organization can see. This keeps the ledger secure while keeping intact its intrinsic efficiencies. There will be growing pains with new systems, but companies who can utilize this technology properly will be swimming in their savings.
Link: https://www.finextra.com/newsarticle/29977/blockchain-impact-timeline-speeds-up-massive-cost-savings-forecast