Future of Blockchain for Businesses?

Blockchain is touted to be the next big thing in the financial sector. It could be a dominating force in future shaping the global finance ecosystem. Consider what Patrick Dugan, Board Member of the Omni Foundation has to say about the future of public Blockchain and Blockchain for businesses – “Blockchain, or as I like to call them, shared databases, have a place in improving efficiency for financial institution for back-office settlement processes. They should not be seen as controversial, or part of some dialectic struggle between punks and police. To the extent that the identifying shroud of AML/KYC can be placed into public Blockchain metadata (possible in Omni Layer transactions over the Bitcoin Blockchain) there may even be interoperability between these two sides of the train tracks. Right now, due to state-granted monopolies to issue credit, most of the world’s liquidity is still in banks. However, we believe that in the long-term, public Blockchain, especially those based on work, will come to take a more significant part in the ‘System D’ informal economy, which is where most of the global economic growth will originate.”