As industries continue to adopt the blockchain technology, Global Blockchain technology helps startups and investors capitalize on this disruptive topic and more.
The technology has become a hot topic during these years and is expected to be more useful in the months and years to come. The technology will revolutionize the way we do things and it will be more easy and secure.
The Blockchain is a decentralized digital ledger in form of an open source code. It exists as a distributed database that maintains a continuously growing list of ordered records.
What I have seen is that people think that blockchain is just the technology behind cryptocurrencies it’s true but it’s a lot more as many industries are taking interest in it. It is the single most massive disruptor and creator to come along since the internet itself.
In future, the technology will be fundamental to innovation in all supply chain operations, Particularly international ones.
Blockchain technology will rebuild the internet from the ground up. It won’t do it “all at once in a year or two,” but it will. Here are some points that explain this: –
- The technology is bulletproof
- Capable of securing the data and identifying that who has its ownership.
- Sharing of data is easy and secure
- Trusted technology because it does not require any the third party to make transactions.
As I expect with an emerging technology, the blockchain market is a rapidly evolving one.
The above picture shows 72 companies covering many layers.
According to the Harvard Business review, the technology carries a limitless potential that could revolutionize an array of practices we have now.
The most apparent effect it could have is with how we deal with contracts. Using blockchain, contracts can be stored in transparent and shared databases in which they are undeletable, unrevisable and tamper-proof. One company that offers such a service is Coin Fabrik. Through its smart contracts, firms are able to secure themselves with a blockchain platform that would do away with digital threats like hackers.
Simply put, blockchain will provide documents and other assets with another layer of protection and privacy.
The technology is set to revolutionize businesses and corporate functions by giving them a more solid foundation for assets, which cannot be tampered with by any other party without a permission. Considering how it is changing the way digital transactions are handled, many would consider blockchain technology as a disruptor.
Now, the technology is facing the early stage problems of adoption. Blockchain use is growing at a rapid rate, but proper training and education about it remain the same. Unless other companies find a way to increase everyone else’s know-how of the tech, blockchain might take decades to mature.
Current Impact of the technology
As rising competition in cryptocurrency markets, new currencies are emerging but there are still chances of success too.
One of the most successful cryptocurrency is Bitcoin, Ripple.
The big companies like IBM are partnering with stellar lumens similar technology like ripple and have spawned many financial sector projects the results will be visible soon.
A number of computer infrastructure coins are operational now.
There are storj and Siacoin for data storage and Golem for sharing computer processing power.
Facebook and Google, have been exploiting people’s data and have provoked a number of cryptocurrencies into existence. Ones that aim to securely store personal data and make it available in some commercial way that benefits the user. Algebraix, Datum, and Datawallet are all pushing initiatives in this area, and there are many lesser crypto players following in their wake. The expectation is that markets for personal data will emerge for the benefit of the individual.
Algebraix focuses on the advertising market. Their key concept is that advertisers will be willing to pay viewers of their ads directly.
The blockchain is making a huge impact on digital media publishing this year in all aspects like blogging, photographs, music, video, and games.
The Future of Blockchain
There are many cryptocurrencies in the health sector and these may experience growth in the future. Some examples of these companies are odd, Dentacoin.
Blockchain has a potential to grow in the insurance industry. Wheatear its health insurance or car insurance.
IMO in future blockchain will complement and integrate with IOT In international trade and banking in new ways but will take time.
Think of the early years of the internet and now still evolving and then this new technology blockchain emerged it will make it a much safer and secure place.
The adoption of blockchain is in full throttle because of companies that help support it, and soon, the technology will grow to its full potential.
In fact, Large parts of the enterprise may well get retooled using more efficient and secure blockchain technology, and new blockchain-based business models may emerge. But don’t expect this to happen overnight.
If you would like to add something you can add it in the comments section more posts on this topics will be coming soon.
Google search, Blockchain.com, IBM Blog, Blockgeek.com and myblockchainblog.com