Blockchain started some six years back, but presently almost every part of the world has finally begun to see the usefulness and benefits that blockchain-based technology can offer for their business. This seemingly sudden interest may not be unconnected with the astronomical rise of Bitcoin price, as this shows just what blockchain is capable of.
Because the distributed ledger offers immutable and permanent record-keeping capabilities, it has more than piqued the attention of the financial sector. This is evident in the fact that blockchain-based technology startups specializing in decentralized financial services raised $240 million in venture capital during the first six months of this year.
However, many more business over a range of industries are examining the seemingly endless possibilities of blockchain-based technology. Next year, 2018, would witness even more businesses taking interest in this revolutionary and innovative technology.
Different sectors will see that if blockchain-based technology is integrated into their transaction or record-keeping system, it will offer the huge benefit. This also include the health care, where it is predicted that 20 percent of health organizations will be using blockchain-based technology by 2020.
Due to the introduction of blockchain CVs, the HR industry will be able to work on a more efficient application process as professionals will be able easily verify applicants’ credentials. The legal field relies heavily on documentation and records, making blockchain-based technology an exciting addition to the sector.
There has been prediction by the Blockchain Research Institute that blockchain could possibly be the “second generation” of the digital revolution, after the Internet. Blockchain-based technology has already been used by Foxconn, an electronics manufacturer, to aid in its supply chain processes.
Next year may also see the start of a mutually beneficial relationship between blockchain-based technology and the Internet of Things. One reason for this is that the former offers a high level of security, which is what is needed for all of our connected devices, against cyber-attacks.
This new relationship may also see machine-managed and automated micro-transactions for cryptocurrencies. With blockchain, keeping track of these transactions is a non-issue.
Smart contracts are also predicted to gain more popularity and adoption next year. The terms of these contracts, such as payment for services rendered, will be executed automatically once certain agreed-to conditions are met.
One thing to remember is that blockchain-based technology is not for all and sundry and it’s not for every form of business. According to ABI Research Director, Michela Menting: Expansive and responsible research must therefore be carried out before businesses totally rely on the blockchain-based applications.
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