#blockchain in the #finance Industry — New Technology to Solve Old Problems
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Blockchain in the Finance Industry — New Technology to Solve Old Problems2008 Financial CrisisIn 2008 the world bore witness to what many top economists believed to be the worst financial crisis since the great depression. The initial cause of this collapse originated in the subprime mortgage market in the US and was further exacerbated by excessive risk-taking by banks such as Lehman Brothers. In order to prevent a potential collapse of the world financial system, massive bailouts of financial institutions were employed.The following years proved to be a difficult challenge, particularly in the US, due to the housing market. People suffered evictions, foreclosures and an exorbitant amount of job losses. On top of this, key businesses failed and consumer wealth declined by trillions of US (...)