Blockchain in Finance

Contributed by Lisa Barrett
Recently, in technology and financial circles everyone has been talking about blockchain. In 2016 IBM theorized that in four years 66% of banks is expected to have blockchain in some form of commercial production (Shen 2016). The National Business Review describes blockchain as “a distributed database that maintains a continuously growing list of ordered records, called “blocks’”. IBM takes it a step further to describe blockchain as a shared, distributed ledger that facilitates the process of recording transactions and tracking assets in a business network (Gupta, M 2017). This paper will discuss the use of blockchain in the financial industry, how it compares to current day processes companies and banks conduct transactions and store data without blockchain.
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