Study: Blockchain technology has already consumed more than $100 trillion in the global payments system
Blockchain technology and more innovative financial products have already started to restructure the traditional global system of payments.
Rohit Kulkarni, an employee of Forbes and a former financial analyst at Citigroup, recently wrote that blockchain technology has already begun “a complete overhaul in the payments industry”. It analyzes the relationships between the venture capital, initial public offering (IPO) and the latest financial technologies, arguing that the position of traditional financial institutions now looks “extremely shaky”.
According to research, it is known that about $ 140 billion was invested in the development of more advanced mobile networks and improved technology DLT.
According to SharesPost Research, the main areas of competition in the market are cross-border transactions, peer-to-peer services (P2P), retail and e-Commerce. Kulkarni writes:
“The Blockchain and smart contracts will change the relationship between customers and suppliers”.