Today, China Academy of Information and Communications Technology (CAICT) released a report called “Financial Blockchain Research Report.” According to this report, the impact of the blockchain industry on the financial industry is likely to be effective, with some vital conclusions given by the scientific research.
This significant Conclusion giving by The China Academy of Information and Communications Technology (CAICT)
Evolution in large-scale transactions and cross-border remittances
- The technology will bring improvement for
- these areas with superior efficiency, stability, transparency, and flexibility
Credit data sharing and trading platforms will integrate blockchain technology
- Blockchain technology will decrease the risks and cost
Impact of Blockchain Technology Will Positive in the Financial System
- Technology makes the financial market more efficient as well.
- simultaneously reduce the size of the indirect financial market by decentralizing the functions and ridding the intermediaries.
Blockchain technology will greatly impact the eventual central bank digital currency and its circulation mechanism.
- National Dedicated virtual currency will develop and blockchain will work as backbone of new generation’s currency.
Supply chain industry will be transformed by blockchain technology
- Blockchain technology will enable streamlined tracking of products through the hands of multiple entities.
- Smart contracts will ensure automatic and seamless information transference.