What are 10 positives for Blockchain Technologies?

Bank of America's current outbound domestic wire transfer wire is $30. Being in the US, if I were banked at BOA, I would have to pay $30 every time I want to wire money. This has led to a lot of firms like Paypal, Cash App, Venmo and others to create a simpler, cheaper was to do that. These are great for smaller transactions to friends and family, but not for larger transfers or payments.

Blockchain technologies can reduce those $30 domestic and $45 international wire fees down to dollars using Bitcoin and even fractions of a penny using other methods such as Ripple.

This fee reduction is going to drive adoption and change how the current wire and SWIFT messaging system works.

The current SWIFT payment infrastructure takes 1-5 business days to settle a payment. This is incredibly slow. It might not be as relevant for me at the moment, but I would expect to send a payment and arrive almost instantaneously.

With certain blockchains, the time to settlement can be almost instant. Seconds will be seen as taking a long time to settle a transaction in the future.

Different use cases require different blockchains. The Bitcoin blockchain is different than the Ethereum blockchain which is different from Solana, Cardano, Ripple, etc.

They all have different use cases and transaction capabilities.

There are public and private blockchains for different use cases as well. Some financial institutions are now using private blockchains to facilitate transactions. Some private institutions are using private blockchains to build applications and have a faster ecosystem that they control.

There are positives and downsides to all of the approaches but the flexibility of the blockchains allow for many use cases.

Blockchains started off with mass adoption. Where there is a growing user base, innovation will happen. It's not always the other way around.

With a global audience adopting blockchain technologies for payments, use cases, decentralized finance and more, we will see more adoption happen as more use cases emerge.

We are still at the early days. It's going to be incredible to see how use cases pop up, innovate, and evolve. Our day-to-day lives will be changed by blockchain technology in the future similar to what the internet did.

This leads to growth.

Whether you're on the side of wanting regulation or not, it's important that governments are taking blockchains and digital assets more serious. This can drive adoption and growth.

Blockchain technology can help to secure data and reduce the risk of fraud. The FBI and DOJ have come out and stated that blockchains allow them to trace the money and see transactions.

Blockchain technology can help to make businesses more transparent. Whether we're looking to non-profits and transparency or for-profit public companies, transparency can be important for us to decide who we transact with, associate with, and donate to or invest in.

With blockchain technology, businesses can streamline processes and increase efficiency. One example is a blockchain solution for the medical industry. No longer will we need to contact 5 previous healthcare providers, have people on their team validate and email records to a new provider or insurance.

We can have full control of our records and instant transfer of information of the dat that we want to let transfer. This reduces a lot of costs, time, and frustration.

Just kidding. The start of the conversation is fun, but it takes using and trying out things on blockchains to really understand.

Change topics as quickly as you can :)