Blockchain set to change transactions, information flow and business processes

Trust is the underlying factor supporting financial systems – from the value of currency and financial transactions to public spending. Similarly, trust underpins almost all information transfers, and money is a medium that allows people to ‘communicate’ value throughout an economy, says financial services firm Investec Bank economic strategist Chris Becker. Transactions and commercial informa- tion sharing are usually facilitated by intermediaries, such as central banks, owing to the need to ensure trust in the process. The reputation of the interme- diaries is key to the smooth functioning of the system and flow of transactions.