Proponents of blockchain technology say that it is set to revolutionise the world with wide-reaching applications in finance, academia, and international trade.

Blockchain - known as distributed shared ledgers - is a technology that records and verifies transactions based on cryptography.

"Blockchain technology is not only be connected with money, is more about economy's structure," Kadir Kurtulus, the head of Blockchain Association of Eurasia (BLASEA) told the Anadolu news agency.

Brad Bulent Yasar, cofounder of the US-based Blockchain Investors Consortium, said that he expected blockchain to develop into a larger system, like other internet technologies.

"Something similar [will] probably [happen] for blockchain where people will have got their own versions and then find ways to link in all together," he explained.

Academic validation

Blockchain technology can be used in the verification of university degrees and diplomas.

If a person says they got a degree from a university in any country, blockchain can be checked to show it, said Yasar

Academic institutions would share their academic records on the blockchain, with information storage distributed globally via the blockchain network, while governments and other authorities audit the records instead of keeping them.

Efficient transactions

"Blockchain and protocols based on blockchain enable us to revolutionise the world's financial system," Kurtulus said.

Global ID: The United Nations is working to develop a kind of ID, which gives opportunities to transact globally, based on blockchain technology for all humanity by 2030.

"If governments use this type of ID, a person can transact money in any bank immediately," Kurtulus said.

World Bank President Jim Kim said about blockchain: "We are engaging and learning from innovators and disruptive technology firms, collaborating on research, and exploring new partnerships to leverage data, knowledge, and new technology to help achieve our goal of ending extreme poverty by 2030."

Banks embrace: "Most banks in the world, right now, are secretly trying different blockchain technologies for their inner operations, as well as interbank operations," he added.

Bank of America was ranked first with 43 patents, while the global finance company Mastercard and technology giant IBM followed it with 27 patents related to the blockchain technology.

"Goldman Sachs, Citibank and JPMorgan also apply for patents," he added.

International trade

Blockchain technology can be used to create new currencies for trading partners or regions, Kurtulus explained.