The package is something that industries around the world depend on for centuries, as it results in controlling people's ability to access certain assets, services or features. It has existed for a long time in any industry and until recently many expected that its existence would remain constant forever.
However, things have started to change with new advances in technology and in the provision of services, and some industries have already gone through the unbundling process because of it. According to experts, the same will soon happen to the financial sector thanks to blockchain technology and digital currencies.
The package has always been a vital part of the financial sector, as banks and financial institutions have provided a way to keep and save money to most people around the world. As such, they had almost unlimited power in the industry, which led to bad decisions. In the end, cryptocurrencies have emerged as an attempt to remove that power, and a decade later, we are at the end of 2018, attending the start of the spin-off of the financial sector.
While the process has just begun, many expect it to accelerate soon, probably in 2019. The next year – as well as those that will come later – will see many changes in the financial sector and the whole decade can easily be considered. a period of preparation for this change. Emerging startups will separate far more than just the financial sector. However, to be and succeed, they must do it intelligently and consistently.
Blockchain to stop banking
As mentioned, financial institutions were controlling the financial systems of the world for a long time. This power is something they have always had since they came to be, and the fact that this power is now in danger of getting lost is a completely new experience for them.
Of course, the factor that is endangering it is the blockchain technology itself, and the process has already begun, especially when it comes to Asia. Many companies are trying to make decentralization a new mainstream trend, and this also includes finances.
Companies are starting to expand their offers and include some of the features previously seen only in the banking sector. These offers include things like payments, loans, remittances, investments and more. The entire Asian economy is trying to move towards digital money, with some major countries like Japan and South Korea.
These countries have invested heavily in the development of regulations to stabilize cryptographic space and make it possible to move towards blockchain and cryptocurrency. Meanwhile, inside the crypto industry, about 80% of all traffic comes from Asian countries, which is a further proof that the trend is taking off in the East. While the sending of payments is currently the most used function, many other possibilities will soon open up.
Everything comes to technology
When Satoshi Nakamoto created Bitcoin in 2009, the idea of a cryptocurrency revolved around its use to make payments with a new form of digital money. However, developers soon discovered cases of additional use for cryptography and blockchain in the same way, and especially in the case of the blockchain, these use cases have spread to include almost every existing industry.
Growth was fueled by the hype, as much as a need for change, and it soon became apparent that existing technology can not match all of these use cases. At least not yet. Modern online services like Netflix would not be able to create a lot of public before the Internet spread around the world and became a norm. Once it happened, Netflix quickly emerged and began to establish a dominant position.
The same applies to crypto and blockchain, and while there are many potential cases of use, not all of them are possible at this point. However, in 2019, things may start to change, and further developments will likely lead to even more exciting capabilities blockchain technology. For the time being, the cryptography market is still suffering the effects of the 2018 fall. But as many experts have already pointed out, this will probably change at some point, perhaps in a few weeks or months.