Industry experts believe blockchain is a technology that has the potential to affect the business of most IT professionals in the next five years. Pick an industry you feel will be most affected by blockchain and how blockchain may be used in that industry. As an IT manager, how would you embrace blockchain

Answer and Explanation:

I believe the banking industry will be the most affected by the blockchain technology. This is mostly because banks lie at the center of money and exchange transactions all over the world which is the purpose and crux of blockchain technology- easing payment and exchange globally. The blockchain technology can be harnessed to eliminate the pressure on banks in moving physical cash as cryptocurrencies are not physical money but are decentralized value exchanges represented using secure ledger systems over super cryptographic computer systems. Furthermore cryptocurriencies such as bitcoin amongst many others make transactions across borders easy and inexpensive. One could send and receive payment from his cryptocurrency in seconds without the need for a bank. As a result of the fear of going out of business and the huge potential of cryptocurriencies, banks are increasingly investing into cryptocurrencies now

As an IT manager, I would begin by weighing the potentials and future impact of blockchain technology. I would aim to understand fully how the blockchain technology affects my business and industry and how it will shape the tech industry in the near future, also what steps do I need to take to get a full grasp and harness all opportunities it offers

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