thinks the best opportunities for blockchain technology are in
countries like Zimbabwe. REUTERS/Philimon
Bulawayo LONDON — The biggest potentially for blockchain technology is in
developing markets not developed markets, according to specialist
investment bank Exotix.

Paul Domjan, global head of research, analytics & data at
Exotix, which specialises in emerging markets, compares
blockchain technology to the smartphone and mobile boom of the
last decade in a note sent to clients this week. Smartphones brought about much greater change in developing
markets than developed and allowed many countries to “leapfrog”
fixed line telephones.

Domjan writes: “Today, frontier markets may be positioned to
leapfrog developed economies once again, but this time the key
technology is blockchain and cryptocurrencies.” He sees the clearest applications in recording property
ownership, contract enforcement, and storing or sending currency.

Blockchain technology, also known as distributed ledger tech, was
first popularised by bitcoin, the digital currency created in
2009. It allows for a shared database that is near instantly
updated, meaning all parties can see the same version of that

It uses complex cryptography and group authentication
to police the editing of the ledger. Usually people have a central database to record things like
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