Blockchain is celebrated as "the new Internet of Finance" and is poised to transform multiple sectors, especially the financial services. The World Economic Forum estimated that more than 1.4 billion USD have been invested in this technology over the last three years. McKinsey believes that DLT (distributed ledger technology) could save the global financial industry up to 110 billion USD. But why is that so and what is blockchain all about?
With the arrival of the “FinTech revolution," a new generation of startups is emerging, connecting financial services with the latest innovations in computer science. By bringing in machine learning, big data and cloud computing, they are stirring up the traditional banking sector with concepts like peer-to-peer lending, crowdfunding or wireless payments.
As with many breakthroughs in technological advances, the need for certain commodities rises massively. The invention of the steam machine led to a massive increase in the use of coal, cars are running on oil, each increasing the strain on the environment and leading to the need for a different approach to storing energy for an increasing number of applications.