Blockchain was originally made for cryptocurrencies. But blockchain has also been around for other purposes today such as banking & finance, agriculture, telecommunications, healthcare system, business sectors, automobile services, imports & exports, etc. And entrepreneurs do have a great deal to say about the blockchain technology. An article by Madhurima Roy on Entrepreneur India even tackled blockchain’s power on finance.
Therefore, focusing on blockchain’s transformational prospectives on the trade finance, Nilesh Shah, CEO of Envision Capital and a figure on finance sector for a decade now, sees blockchain as a “pioneering technology” that will be beneficial to the said sector, of course speaking with his experience on the finance field in India. “Technology has played a vital role in the growth of the banking sector in India. The blockchain is a pioneering technology which will facilitate further integration in an increasingly ‘networked’ economy and foster faster and more secure credit flow,” Shah announced. But today, blockchain aiding the trade and finance industry is not as common yet, but it sure is starting.
ING Group, the Dutch multinational banking and financial services corporation has also expressed positive thoughts on the blockchain technology. Mariana Gomez de la Villa, the Distributed Ledger Technology (DLT) Program Director of ING told Entrepreneur India their plans of implementing blockchain for troubleshooting, and to empower transformation on their clients’ business models.
As blockchain has a lot in store for the trade and finance sector, entrepreneurs just have to wait and be patient as it unfolds on the industry even as we don’t see much improvements yet today. As Shah also has stated, “Like other technologies, blockchain too could have a slow start but has the potential (to) become universal.”