Remember at the end of the last year how the world suddenly seemed gripped by Bitcoin fever? It was the hottest new investment, and the term Bitcoin millionaire was bandied about quite freely. The cryptocurrency’s value jumped, and investors were on a high.
Then China started talking about banning the currency and banks in the USA started to reign in investors by not allowing Bitcoin to be purchased using credit cards. The bubble popped and suddenly the value of the crypto plummeted overnight. Eventually, Beijing banned crypto and it seems that it’s their loss.
Although it was inevitable considering all the hype – the highs experienced at that stage simply could not be maintained. It was inevitable that those looking to make a fast buck cashed out. And who can blame them?
Unfortunately, the crash did a lot to damage the reputation that Bitcoin had built up. But there was also an unintended and positive side effect. People learned more about what the blockchain technology is and how it works.
Which is a good thing, because long before the Bitcoin boom, various industries were looking at ways to improve their operations using this tech. And, by so doing, proved that the tech is useful as far more than a simple cryptocurrency.
You can see exactly how far-reaching the effects of this tech are by checking out the infographic below originally published on BitFortune. Still, before you scroll below and check out the infographic, let’s go through what one of the main changes has been.
What Did the Blockchain Technology Change?
It is the financial services industry that has seen the most changes as a result of this new tech. Banks have been looking at using it to help speed up transaction times, keep data secure, and reduce transaction costs.
With blockchain transactions, the transfer can be immediate. There is no need to physically transfer funds from one institution to the next through a clearinghouse. All that happens is that the change in ownership is registered.
Depending on how long it takes to authorize a transaction, this could be done, from start to finish, in minutes. Traditional transfers, on the other hand, take a few days.
And, what makes this a particularly attractive option is that you don’t even need a bank account to make use of this service. It is a completely new way of transacting.
See what else has changed by checking out the infographic.