The news of blockchain triggering a revolution in the technology sector has been circulating for quite a long time now. There have been speculations of it transforming the market since 2011, but the real change became evident in the current year when bitcoin emerged as a real power.
The estimated change that’s going to come with the blockchain technology is raising many questions and doubts in people’s minds. The quest for answers to these questions is leading many fractions of the technology sector to conduct researches on the potential this new technology possesses in it. Its assumed after the initial assessment that blockchain is going to disrupt a number of industries in the corporate sector. However, some queries regarding the operations of blockchain still remain unanswered. The users have been curious to find how it’s going to revolutionize the business sector?
Will it change the way banking system operates for its customers, or offer a substitute for it? Will it put a halt to fraud and minimize the rate of corruption cases or even let the citizens generate some energy for themselves and also sell it if need prompts.
The year 2017, proved to be a remarkable one for blockchain technology, while 2018 is considered to see the continuation of the same growth. This article discusses 8 significant predictions for the coming year, in the following passages and notice the changes its going to bring to various industries.
Use other than finance.
The uses of blockchain have been numerous in the financial sector, therefore it seems that its application outside financial sector is almost impossible. The uses of blockchain technology are not limited to finances only, its usage horizon is much broader than just one industry. The healthcare and insurance are industries that can very easily benefit from the advantages offered by the technology. its predicted that 20% of organizations are planning to move a step ahead from initial stage and implement blockchain by 2020 in their systems, therefore the current years can start seeing a progress towards that change.
The use of blockchain can be implemented in the recruitment industry. HR around the world can utilize it for their help and bring ease in the selection and verification process of candidates, experience and qualification.
There is a room for legal work that involves transference of ownership rights, real estate documents and much more- all of this can be made much easy with the implementation of a distributed ledger.
Furthermore, many multinationals like PepsiCo, IBM are incorporating blockchain as a symbol for the second generation of digital transformation. The use of blockchain in the supply chain is also quite eminent as can be seen in the works of electronics manufacturer Foxconn.
Smart contracts will come into their own
Smart contracts are another application the blockchain is significantly known for. The notion of contracts getting being self-executed as the terms are met is changing the process of deliveries, payments, and disbursement of goods that are bound by a contract.
The use of blockchain is making smart contracts a possibility as they are dependent on consent from all the involved parties. As the decided conditions are fulfilled, the contract gets executed. This shows that targets become easier to achieve as the payment arrives in your account and order is complete.
Many industries like insurance are incorporating smart contracts to let the creation of difficult insurance policies rise to the international standards. There is a possibility of it rising higher in the next years to come.
Blockchain and internet of things.
The internet of things is changing the way technologies used to work in day to day life. Its meant to improve the business processes by bringing to make them work together collectively. In today’s fragile times, when security has become a greatest threat, it’s the internet of things in blockchain that keeps the multiplying number of devices connected to one another. Researchers estimate that the computing power used to mine bitcoin can also be utilized to protect the smart home from thieves and burglars that have a tendency to steal the data. It’s the encrypted language that maintains the security through blockchain in the internet of things.
There is the most imminent use of the blockchain today and it’s cryptocurrency being built on it. There is a proposed choice for the internet of things to maximize its operability and make payments through smart machines managed by one company when other machines come in contact with them. This area is also speculated to witness some drastic development in it, as many organizations like to work with a system like a blockchain that guarantees them security of records.
State’s banning the crypto exchanges.
The current wave of bitcoin’s rise in the year 2017 has put many states into suspicion against the cryptocurrency. China, just two months ago decided to put a ban on the Bitcoin exchange as it was considered to be a threat to the local currency and also a source of corruption in the country. Chinese state out of the same policy planned to launch a cryptocurrency of their own, just like Russia with Crypto Rouble did. The reasons governments find it hard to legalize the cryptocurrency in their state is its decentralized nature. There is still no regulation from the government of the cryptocurrency circulating in the market, however, the governments can also make use of blockchain, the cryptocurrency’s underlying technology to monitor the trade and movement of the currency. This year there have been many states including China, Russia and Morocco that banned Bitcoin exchanges in their respective states, instigating a drastic fall in the price of bitcoin only to rise to the highest point in history. The current scenario when mercantile markets are making investments in Bitcoins futures, there is great fluctuation expected at the currency’s prices, leading to an increase in a number of investors in Bitcoins.
The coming year 2018 can prove to be an extremely successful year for the cryptocurrency and blockchain. The financial services offered by the digital currency can expand from private to public sector and benefit nations on a bigger canvas for a longer period of time.
Will blockchain be a failure?
It has been a common phenomenon that a new technology is always seen with a skeptical eye. Everything that comes new in the market comes with its pros and cons and traditionalists like old business magnate consider it a threat to their typical techniques. Due to low acceptance towards technology, it can be safely said that Blockchain technology definitely has a scope to revolutionize the way businesses operate in this day, only if it’s dealt with some patience. There is no doubt that it’s a new technology and there is no proof to testify the worth of the technology, however with the technological solutions it offers, it can be very easily that blockchain technology may take some time to be accepted by the masses but it’s here to stay.