Ivan on Tech Academy provides latest insights and reports about the blockchain industry.
Blockchain technology is rapidly advancing and disrupting today’s business environment. And why wouldn’t it? Blockchains make transactions quicker and reduce the cost. Some data models predict that spending on blockchain solutions will exceed the $16 billion mark by 2023. Now, that is excellent news for all of us into distributed ledger technology (DLT).
One sector that could use help is FinTech. The industry has a predicted growth rate of 25% up to the year 2022. And digital services like PayPal and Jack Dorsey’s CashApp, have empowered people to transact with each other without directly using a bank.
Yes, FinTech is experiencing rapid growth. But is FinTech anything more than painting lipstick on a pig? After all, it still operates on top of the antiquated infrastructure. This "pig" of legacy systems looks nice and pretty with its digital makeup, but DLT is the future. It’s just a matter of who can get these outdated institutions on board.