PR blockchain: revolutionalizing the future of fintech
From the time blockchain was introduced, many people have been wondering if it can live up to the hype around it. That’s a lot of PR blockchain has received.
But at the moment, it has gone through series of transformations and it’s no longer a reserve of the few but a flagship technology that the world populations are eagerly awaiting to revolutionize the industries.
Since the big banks and financial institutions have successfully executed the proof of concept, people are now convinced that major players have sufficient faith in the system and the only thing left is the technology to become a mainstream platform.
The changes in big financial institutions
The influence can be attributed to the huge plan by SWIFT to revolutionize the payment sector with the Global Payment Innovations service (GPI). Basically, this is a blockchain technology-based innovation that has been developed and it came after a need arose for digital and modernized transaction solution.
Since the launch of the GPI Blockchain PoC, there have been more than 30 international banks who are participating in the proof of concept for this innovation. This shows that the PR Blockchain technology that is addressing the current market needs is already here and industry players have recognized its potential.
Currently, the industry stakeholders are focusing on collaboration so that their findings in order to ensure there is wholesome progress in PR Blockchain technology.
There is an ongoing race for a successful proof of concept
When SWIFT brought together global financial players on the PR Blockchain innovation, they not only brought it to the lame light but they also influenced other smaller banking institutions to focus on the innovation. As such, this has accelerated the speed at which the blockchain technology is being pushed to mainstream service in the FinTech industry.
At the end of last year, Singapore was happy to let the public know that they had successfully accomplished a PoC with an American firm. The main objective was to come up with an acceptable representation of their currency that can be used for interbank settlements. The expected end result is a better and flawless integration of blockchain technology in the Central bank of Singapore.
The Bank of America, as well as HSBC, has been active in the PoC trends and their main focus is to use blockchain technology to make B2B transactions better.
Post PoC stage
The current attempts to test the innovation continue to attract big financial institutions, the players in the FinTech industry need a scalable solution developed into a functional application. When there will be recorded success with a large-scale blockchain innovation, it’s likely the trends will be set and another race to better applications will commence.
PR Blockchain revolution: Conclusion
While there isn’t much to shoe right now, the truth is that current progress guarantees that your bank might be using blockchain technology any time from now.