Understanding the impact of blockchain technology
Blockchain technology has arrived on the market with a string of promises involving decentralisation, maximum security, anonymity, traceability and interconnectivity. And not only in the world of economics and finance but also in many other sectors. There’s no doubt it has great potential, but what will its impact on real life be? And how has it already come to affect people’s lives? What kind of changes can we expect? And how can its presence already be felt, or how will it be felt in the near future? Telling us more are Luz Parrondo and Miguel Benavent, teachers on UPF Barcelona School of Management-Pompeu Fabra University’s Postgraduate Course in Blockchain and Other DLTs.
According to the World Economic Forum, 10% of global GDP will be stored on blockchain by 2025. The impact of blockchain on the global economy and in financial management and accounting in business is set to open the door a whole new universe of challenges and opportunities. Experts say that the technology will pave the way for the shift from the so-called “Internet of Things” to the “Internet of Values”.
Libra, Facebook’s digital currency based on blockchain, already has support from over 100 companies and its own digital wallet. With over 2,200 million users, Facebook is revolutionising markets and the banking sector.