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What impact is blockchain technology having already on the world?

Updated: Mar 5

By Wirba Brice Divine Ransinyuy. ransinyuybricedivine@yahoo.com



When Blockchain technology made its apparition, many people doubted its prevalence and thus did not understand the importance of blockchain technology neither the viability of blockchain technology applications nor their potential benefits. As time went on, things turned around and people starting seeing and understanding the potentials and benefits blockchain technology offers in the financial sector and all sectors in general. Now it is a different story that is taking place. The interest and desire for the usage of blockchain technology is increasingly on the rise, with many adherents springing up daily as times passing by. Today, no one can deny the usage and prevalence blockchain technology is having in their life or in the activities they are dealing with.


Acknowledging the fact that there is public and private blockchains, Nick Todrov, a renowned personality who is the CEO and also the co-founder of Limechain stipulates an encouragement by encouraging business leaders to qualify and match “key requirements on a per se given business process to the core that the underlying blockchain technology do offer as blockchain helps to organize the usage of data in a given and common framework, and also plays the role for reducing the will for expensive reconciliations and does the verification processes manually. Moreover having co-foundered the creation of Limechain, it was for particular purposes. Limechain is a blockchain consulting and development company working with different clients and also blockchain entrepreneurs on private and public blockchain and also on smart contracts. Smart contracts are computer codes that is made specifically for the usage in blockchain, this is intended to render blockchain easier. This is to give the clients and blockchain entrepreneurs more light on blockchain technology and do they can use it.


Going further to illustrate the impact blockchain is already having on the financial world and the enterprises, it is necessary to understand that blockchain acts like a cloud-first technology which help companies and enterprises throughout their front, middle and back office processes.


To understand more and more of the impact that blockchain is already carrying out, looking at what how enterprises and companies are employing resources in order to match out the financial world, KPMG which is a multinational accounting and consulting company uses a dedicated blockchain team who underwent training in order to give advises to clients regarding the development and implementation of cross industry blockchain technology projects.


Despite all its complexities, the potentiality of blockchain technology is already overwhelming as its record-keeping is without limit and offers no limit benefits as it brings so much impact to all sectors of life basing on greater privacy usage and high security to low processing fees and less errors with no third party needed to be included in the transaction.