There are already many myths surrounding blockchain technology. One example is that it will replace banks. However, the distributed ledger is finding its way into more areas than just the finance sector. Blockchains could also cause fundamental changes in logistics, public administration, and the advertising industry.

In general, technology trends all have one thing in common: they are often spoken about, but it takes a long time before they are implemented. Blockchains are the exact opposite. Hardly anything polarizes the IT community as much as the distributed database, which some people view as ominous. It has supposedly already sparked the decline of financial institutions and is about to revolutionize the energy market.

Undoubtedly, blockchain technology will create waves in many sectors. However, to what extent these changes will be carried out is still up for debate. So is it all just hype after all? That would be putting things too simply. Blockchain has already established itself as a platform for the cryptocurrency Bitcoin – even though the average consumer still sees little use in paying with digital money.

Blockchain’s success is still alarming for banks, and many are striving to find ways to profit from the technology themselves. Deutsche Bank , for example, believes the technology will mark a “paradigm shift in the prevailing financial system” and “could render certain divisions of traditional banks superfluous.”

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