In 2017 Blockchain Technology Will Put the Screws to Banking Institutions Worldwide

Banking 2017, it’s all about blockchain.

A major shift in the thought process of big banks is underway, and we all have blockchain to thank for that. When blockchain first came on the scene, major banks worldwide ignored it. They were able to associate it with bitcoin, in their unlimited wisdom, they ignored bitcoin too.

Blockchain for 2017 and beyond.

Fast forward a few short years and what a change we have seen. Major banks worldwide are adopting blockchain technology to leverage out a tiny piece of the transformational money-handling technology that is blockchain. Low estimates indicate that at least fifteen percent of banking institutions worldwide will adopt some form of blockchain technology to offer to their clients in 2017. More moderate predictions indicate that fifty percent of banks worldwide will do the blockchain roll out in 2017. Granted, their adaptations are still under a central authority, which sort of defeats the purpose of cryptocurrency and blockchain. While we nod homage to their frantic attempts at cashing in on blockchain technology, it won’t be enough.

Blockchain and your money.

Blockchain technologies and cryptocurrencies have the banking institutions of nations in turmoil because consumers in their millions are adopting blockchain technology and digital wallets. This allows them to forgo banks entirely. The brilliance of blockchain technology allows an extremely safe distributed ledger for individuals to store money, credit cards, intellectual property and anything of value on a system not regulated by a central authority. Everyone wants in on blockchain, from credit card providers to personal loan companies, and the banks are not pleased.

It’s also completely anonymous.

However you decide to use blockchain/cryptocurrency, you are able to retain complete anonymity while doing so. This does not make you a criminal, rather it makes you someone who values their privacy. The nature of cryptocurrency is just that; hidden. If you decide to take advantage of bank blockchain technology, be aware that every transaction you engage in will be monitored and reported. For most of us, that isn’t an issue. Perhaps a blend of traditional banking and blockchain banking is the best approach. How you decide to set-up your banking is your business, big banks are panicked over how many people are eschewing their services entirely.

2017 is just the start.

As cryptocurrency and blockchain continue to dominate financial market news, banks will be transferring more and more of their financial services into the blockchain format. If you are a customer, definitely take advantage. If not, turn to blockchain and cryptocurrency for a different way to bank your money.

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