Deutsche Bank releases report: recommends companies explore blockchain technology

Although most cryptocurrency enthusiasts still focus on the financial industry, the vast majority have already clearly realized that blockchain can be applied to a variety of platforms and projects. Deutsche Bank has made an interesting list to show how blockchain will change our lives in the coming years. Because distributed ledgers bring us far more than just fast and cheap global transactions.

Start experimenting with blockchain or you’ll miss out

That seems to be the general tone of the Deutsche Bank report , which has spent a lot of time looking at why blockchain makes sense for everyone, not only in terms of various financial use cases, but also in terms of some other interesting industries.

The most obvious use case for blockchain technology is its ability to speed up the movement of money. In fact, distributed ledger technology can increase the speed of transactions to almost real time, which is much faster than traditional systems.

Digital currencies are another area that is being explored by developers and banks. While central banks that issue digital currencies may have a better chance of success than other banks, at least financial experts believe so, the future of central banks is still uncertain.

But why apply blockchain technology to these more traditional methods, rather than innovative thinking? For example, let more technology enter more aspects of life. For example, use the power of distributed ledgers to meet the special transparency requirements of various industries, whether financial or other industries.

In addition, blockchain can also be used to revolutionize the Know Your Customer (KYC) process. Although companies still need to collect data on individual users, the way this data is stored and secured will change. In short, blockchain technology can reduce the amount of information leakage and reduce the risk of sensitive user information being stolen by hackers and other cybercriminals.

Blockchain technology can also eliminate the need for third-party service providers in the future, which is beneficial to all industries. Although there is no guarantee that distributed ledger technology will be integrated soon, peer-to-peer mechanisms are definitely the future of development.

Original article: http://themerkle.com/deutsche-bank-report-advises-companies-to-explore-blockchain-technology/
By JP Buntinx
Compiled by: Kyle
Source (translation): Babbitt Information (http://www.8btc.com/deutsche-bank-report-advises)