Revolution Banking 2016 conference on technology, innovation and partnership in banking industry which was held in Madrid on May 10, addressed blockchain technology.

Those experts who attended the conference agreed upon the potential use cases of blockchain technology beyond banking and fintech industry. According to bbva, experts believe that blockchain can transform irreversibly, not only the financial world but many sectors such as energy companies, telecommunications, public administration, logistics, transportation, media, etc.

The panel also discussed that inclusion of blockchain can help determine a person or company is who they claim to be without having to share or to externally circulate any personal data. Using this ‘identity’, one can rent an apartment or vehicle car sharing based on blockchain technology without an intermediate management company.

It also said that this technology allows any global supervisor to control all the operations from a single source, centrally. Use of blockchain technology will also enable banks and financial institutions to create secure protocols for transferring data and funds. The discussions at the event also covered latest developments in the banking sector.

Another Important aspect in blockchain during the event was the ability to use it to create smart-contracts or intelligent contracts between persons, entities and even machines. The conference concluded by saying that there is still a way to go strengthening the technology and discovering new applications for it. This will imply major change in the technological and financial paradigm.