Only Proven Use Case For Blockchain Is Bitcoin’s Blockchain, Says Bankymoon CEO

Several use cases of the Blockchain technology are secure or ar being explored by the Fintech and, as well as, alternative sectors like health, recreation and public sector, however none has come back up with one thing concrete despite all the hoopla.

Bitcoin’s Blockchain has been recognized for reworking the $13 trln monetary services trade – by empowering millions across the world to manifest and interact like a shot and while not pricey intermediaries.

Attempts to tame it

Several corporations have endowed in proofs of conception and comes that aim to take advantage of the technology.

In its formidable check out however Blockchain will reshape monetary services, as an example, the globe Economic Forum says within the way forward for monetary infrastructure report that over $1.4 bln has been endowed into the technology over the past 3 years.

However, despite these advanced projections, AN trade leader in African nation maintains that several of the efforts to push Blockchain use are vainly tho' some productive innovations could emerge later.

The chief operating officer of Bankymoon that offers Blockchain-powered solutions and services, Lorien Gamaroff, says it's unclear at this early stage however Blockchains are incorporated into existing business processes. However, he side that the sole clear use case, and one that's really in production, may be a localized currency.

He noted via LinkedIn:

    “The solely implementation of a Blockchain in production and one that has well-tried itself is Bitcoin. it's been functioning for seven years. There aren't any alternative clear use cases that are deployed and incontestable  success to this point.”

He added:

“Blockchain is AN experimental technology. There aren't any implementations that are deployed in a very production atmosphere. Business cases are troublesome to seek out and for all potential use cases there ar sometimes existing technologies that may solve the matter higher. Some have delineate Blockchains as being solutions yearning for a tangle.”

source : https://cointelegraph.com