Many financial institutions, including some of the most esteemed banks, such as Goldman Sachs, have come around the idea of cryptocurrency by providing their clientele with various types of cryptocurrencies that can be used for the sake of trading and such. The bank originally came around with the idea of adopting Bitcoin. But as you must know, all cryptocurrencies use blockchain technology to make transactions and mining new tokens. The blockchain is what powers these cryptocurrencies and the idea of decentralization too.
But this is not all that blockchain can do, as there are hundreds of other use cases, such as being used to route all of the internet’s data in a decentralized fashion. Goldman Sachs has recently published a report discussing the potential of cryptocurrency as being an institutional asset class. According to a researcher from Goldman Sachs, Jeff Currie, Ethereum has the potential to become the Amazon of information where people can store, transfer, access, or sell their personal data.
Blockchain and Cryptocurrency can do Wonders if Employed to Handle Data
According to Jeff, cryptocurrency can definitely change how information is stored and accessed on the internet and how data gets thrown around. In organizations where trust is the most reputable and scarce element, the ability of the blockchain systems to contain information while still being public and protecting what it holds by building a strong framework around that information is immaculate.
Banking and finance, law, and medicine are some of the important and confidential areas that can render blockchain technology services. It might be a new concept, and it might not be as common among people as the internet or fiat money are, but one day everyone would want a piece of it.
The concept of developing the blockchain systems into the data storing and verifying unit is somewhat new and requires an intensive amount of capital to make it happen someday, but it is surely a start to explore the true boundaries and potential of the blockchain systems.