Here's how the business world can look if Blockchain becomes mainstream

The use of the blockchain is catching on, but corporate America could change significantly if technology became mainstream.

"For mainstream, what we think is this idea of ​​universal business infrastructure," said Paul Brody, EY's Global Blockchain Innovation Leader, adding that blockchain could ultimately act as a tool for companies to interact with each other.

The more immediate use of blockchain in corporate America wraps up smart contracts.

"We think that smart contracts will be the universal mechanism that companies use to make transactions between them," he said, adding that all Microsoft's Xbox video game transactions (MSFT) are governed by contracts that are on paper today. . These contracts reveal how much a videogame developer will get paid.

"All these contracts are transferred from paper contracts to digital smart contracts that will be executed on blockchain," Brody said.

Find out more about the encrypted by TheStreet here.

                    
                

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