7 Conclusion
The blockchain technology is in this early stage of development. The blockchain technology is developing fast and many applications are made, such as Ethereum, NASDAQ, Ripple Labs and it has a great potential not only in finance industries, but also in non-finance industries. The blockchain technology is based on spreading out information in huge number of computers, and this decentralization increases transparency and is more resilient to attacks, because each computer in this chain keeps a record of the activity in the network. Despite of the huge potential of technology, it is not yet proved itself in scale and it is not ready for completely system changing in the near future. The main aims are to increase the effectiveness of industries and in fraud detection, cost reduction and innovative products and service developing. Technology solves double spend problem, it is immutability, and there is no need for third intermediaries as well as it provides the transparency of industry.
The inefficiency of industries and cost reduction potential is the main reason, why several structures are so interested in blockchain technology and cost reduction could make an impact and benefits to clients of markets. There are expensive costs of trying to prevent for example, money laundering and the financial and non-financial industries have a need for new technology what could solve the current problems. The technical aspects of blockchain allow to provide data and transaction immutability, as well as resiliency against cyber-attacks and fault tolerance.
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