— TEEKA TIWARI
Today, it’s the transaction system for the burgeoning digital currency industry…
But soon, you’ll be able to conduct all kinds of other transactions on the blockchain—from trading stocks to buying real estate.
And you’ll be able to do it in a fraction of the time and cost that it takes to do them today.
Here’s an example of what I’m talking about…
A few weeks ago, I told you about the first international trade deal ever conducted over the blockchain.
The trade was facilitated by banking giant Barclays. It involved the purchase of $100,000 in butter and cheese.
What’s so amazing about this rather mundane trade?
Normally, trades like this take an average of 10 days to complete. They require hundreds—sometimes thousands—of documents to be signed.
But Barclays completed the trade using the blockchain in a mind-blowing four hours.
The finance trade industry conducts $2 trillion in transactions each year. It’s more than 400 years old. And the blockchain completely changed the game in four hours.
Think of all the savings (and reduced paperwork) this new technology will create for the industry.
That’s what a disruptive technology looks like.
Not convinced this technology is set to explode?
Well, there’s more… Events are unfolding quickly. In addition to the Barclays trade in September:
The Depository Trust & Clearing Corporation (DTCC) announced in January that it would start replacing its databases with bitcoin-based blockchain technology. (DTCC handles $11.7 trillion in credit swaps alone.)
Global accounting firm KPMG has launched blockchain services for banks and other financial institutions.
The Sydney Stock Exchange has declared its intention to move to blockchain settlement.
And that’s just a small sampling of what’s going on right now, “hidden in plain view.”