Today, around 80% of banks are developing their own blockchain technology.
In September 2016, Barclays carried out the world’s first trade transaction using blockchain. They cut a process that normally takes 7–10 days down to less than four hours.
IBM is working with the government of Dubai to develop smart contracts that can facilitate all trade that passes through its port. This is huge, given $344 billion worth of goods passed through the port in 2016. Dubai’s government said it plans to shift all transactions to blockchain by 2020.
Nasdaq is also in on the action.
The real value of blockchain is that it renders intermediaries obsolete. They make a living off being a third party that establishes “trust” between parties unknown to each other. Blockchain replaces these middlemen.
Blockchain is a foundational technology like the Internet—abig system on top of which you can build applications.