The Future of Blockchain Tech in Transactional Business

"This paper represents an attempt at a thorough analysis of the complexity of blockchain technology & cryptocurrencies while reviewing the core aspects of the development stages that this growing market has undergone and where it may lead. Additionally, we provide a review of current obstacles and advantages for wider adoption of such disruptive tech in banking & fintech industries for its potential for fast, cheap and secure transactions and mass utilization prospective. Considering such benefits and advantages, we have to ask the question of whether there is a need for the middleman transaction participants in the future digital economy. In order for this innovative and disruptive tech to become truly global, we need to go through four phases of development presented in the development matrix. Using various examples, our analysis puts the blockchain tech & crypto at the current second development phase. The main obstacle to move from the second to the third, and subsequently, the fourth and final phase remains the absence of unified legal framework and regulations in key global economies such as the United States and the European Union. Once the legal foundation is established by the G20 economies, regulating cryptocurrency use, trading and taxation, the transition to this final phase should be rapid, and will be followed by mass adoption, with more than a quarter global population fully utilizing and enjoying the benefits of blockchain tech innovation and cryptocurrencies."