![]() The study also considered the work that needs to be done by the industry for blockchain applications to become a mainstream part of the financial landscape. It emphasizes the technology's properties and explains why they can significantly impact the banking industry, including reimbursements, payments, outflows, credentials facilities, and novel products based on smart contracts. The study examines blockchain, the nascent technology that reinforces Bitcoin and other cryptocurrencies, to determine what it is and how it can disrupt and alter the banking services. One economic implication of widespread blockchain adoption is that the institutional structure of society could shift to one that is computationally-based and thus has a diminished need for human-operated brick-and-mortar institutions.Ä«lockchain technology is a core, underlying technology that stimulates possible applications in the banking sector. The overarching theme is that an increasing amount of everyday operations involving money, assets, and documents could start to be conducted via blockchain-based distributed network ledgers with cryptographic security, and at more granular levels of detail. ![]() I also highlight key challenges that offset the potential economic benefits of blockchain distributed ledgers, while arguing that the benefits would outweigh the potential risks. These applications are digital asset registries, blockchains as leapfrog technology for global financial inclusion, long-tail personalized economic services, and net settlement payment channels. In this general overview article intended for non-experts, I define blockchain technology and some of the key concepts, and then I elaborate four specific applications that highlight the potential economic benefits of digital ledgers.
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