Banking and payments aren't the only industries that could be affected by blockchain tech. Cybersecurity, music, and auto also could be transformed.
Here’s our guide on how corporations can use startups to innovate faster. Bitcoin’s existence as a decentralized digital currency is made possible by what’s known as blockchain technology, essentially a public ledger that securely and automatically verifies and records a high volume of transactions digitally. Here are a few of the ways that companies — both large and small are trying to harness the power of the blockchain. 1. Banking Banks essentially serve as secure storehouses and transfer hubs for value, and blockchain — as a digitized, secure, and tamper-proof ledger — can address the same function. Indeed, Swiss bank UBS and the UK-based Barclays are both experimenting with it as a way to expedite back office functions and settlement. Some in the banking industry even say it could cut up to $20 billion in middle-man costs.