Why The year 2018 Will Be a Turning Point for the Blockchain Technology?
Dec 10, 2017 Posted / 1246 Views
A day back, Australia becomes the first ever nation to develop a Blockchain based Stock exchange syste,. On 7th December, the Australian securities exchange in a public declaration announced that the Kangaroo will now settle and verify trades using the most advanced modern day technology Blockchain. Before we move another it's fundamental to what exactly the Blockchain technology all about?
The blockchain is a technology first conceptualised by an anonymous Japanese individual or a group of people named Satoshi Nakamoto in a research paper 2008. This technology is always proclaimed as a nucleus underpinning the Bitcoin, which has wonders on a global scale with a net worth of 20,000$.
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Blockchain in simple words is a global ledger which can be accessed anytime and anywhere. All you need is a seamlessly Internet connection and device to access. However, no one owns it, be the government authorises, federal or any independent agencies, thus, completely decentralised. Here, data is stored in the forms of records known as the blocks. Each block represents transaction information, a hash mark as a link to the previous block, and a timestamp.
Here, in a Blockchain network, every data is verified as a community- no centralised authority, and stored in the ledger. Once the entry is made onto the Blockchain, editing the stored information is never to impossible, this it is transparent yet foolproof. Several banking institutions are put their money on the core technology of Bitcoin money. Blockchain in banks can cut the role of middleman verifying every transaction, and low services charges.
CommBank is one such example which taken this technology with immense interest for a particular implementation. Recently it appointed one of the heads of Blockchain, Sophie to lead its team which is working on a project which is researching on the prospect of Blockchain in the world of banking.
The year 2017 was absolutely phenomenal for the Blockchain, as this year it moves away from the tag of Bitcoin, to become an absolute independent agency. A recent IBM survey reported more than 15 % of worldwide banks are ready to adopt the Blockchain technology for modernising of the baking model. And, in fact, 85 % of banks are considering this as soon future of tomorrow's banking system, as told by the World Economic Forum. Not the financial setup, the Blockchain technology is invading just about every business verticals. Starting from the Aviation sector, where, it will redefine how the information regarding crew members and passengers are secured, to keep terrorist threats at bay. The educational system, where educational institutes can store students data for years. And, even, digitising personal and business coaching.
Experts across the globe, are telling that the year 2018 will experience continuous trends of 2017, where, the Blockchain technology will disrupt different industries.
Since, the practical implications for the financial sector are an absolute imperative, any organisation or industry where data needs to be stored, the Blockchain technology can benefit with seamless oversight of transactions. In the healthcare sector, 20% of the medical institutions will switch to the Blockchain technology for manage the data of their patients by the year 2020, so the year 2018 will be seen as an important venture, this was reported by IDC Health, in its insights report.
For the recruitment and the HR department, the selection process can be streamlined by proper verification of the CV credentials and relevant experience.
For legal work, transfer of the asset ownership will become quite easy, like the real estate deeds.
On the other hand, for the manufacturing industry the research group of Blockchain Research Institute, led by a group of people, who are the founders of top MNCs like the FedEx, Pepsico, and the IBM. They believe that the Blockchain technology will the second generation of the worldwide digital revolution.
Smart contracts, another great prospect of the Blockchain technology, where, the transaction is done automatically executed when the condition is fulfilled, means, payment or other settlement would be made easily via a digital contract. Because of the consensus drive nature, the Blockchain technology makes the idea of the smart contracts possible. Thus, means, paying off the bonuses when the targets are meet or dispatching the product when the payment reaches the account.
A top insurance company AIG, is piloting a blockchain smart contract for the creation of complicated insurance policies.
The year 2018 will be significant for Initial Coin Offering, the new capital venture will increase explosively in popularity. With several startups worldwide will crowdfund to put their innovative idea into plan.
Wrapping up, from the above, it is expected that the year 2018 will mark as a significant year, with innovation and disruption in every industry.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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