Blockchain, both in the context of cryptocurrency and its underlying applications, has been the hottest topic of discussion in all areas of life. The common theme is the expected large scale and pervasive impact that the blockchain will have through all industries and all facets of life.
While blockchain as an academic discussion is not new by any means, recently there has been a widespread appreciation for the potential impact that it could have. Blockchain solutions provide the promise of transparency, disintermediation, a new understanding of security, and a distributed system which no longer requires exclusivity on centralized control; however, these solutions require more involvement and responsibility of a network’s participants. These elements are the core drivers for the sudden uptick in attention and notoriety in the space. One of the most discussed elements of blockchain has undoubtedly been cryptocurrency and the underlying transference of value; nearly instantaneously, with a de minimis cost and an unprecedented level of transparency.
However, while currency and legal tender have been a highly debated topic, the future impact of blockchain on the financial services industry has been made more than abundantly clear. Seemingly, everything that plagues our financial system today, whether it be simple wire transfers to large scale foreign currency transactions or institutional grade fraud, blockchain represents an opportunity to upgrade the entire society and system to a new paradigm. SONATA will play a key role in this new paradigm.
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