What’s driving Blockchain forward? - Digital Solutions, IT Services & Consulting - Payoda

What’s driving Blockchain forward?

Blockchain is a much talked about technology and as it is not currently used in its full potential, there are several new themes that are emerging across the landscape.

  • Not just cryptocurrency– Bitcoin is debated as probably being just a bubble, and even if it doesn’t assume higher adoption than how it is today, the underlying blockchain technology is here to stay. Blockchain is being leveraged by many of the top companies today and in a wide range of areas like voting, food safety, and shipping.
  • Use in printing — A digital thread of information data is essential for 3D printing to be executed seamlessly from start to finish (conceptualization, design to production). Blockchain provides the necessary file integrity and traceability.
  • For supply chain efficiencies — With Blockchain, companies will be able to track every movement of a product and reduce risks and costs. There are many PoCs and projects in the supply chain area that are being sponsored to push adoption for blockchain.
  • With IoT — Blockchain will also work well with IoT in the future. Distributing with trust in a peer-to-peer network is important for applications to be able to run from anywhere and blockchain allows services and data exchanges to be trusted.
  • Enabling data provenance — This would allow an app developer to add devices to the network and have all data to be tracked with the permission of the originator. This service can be provided to that app by a platform via smart contracts and blockchain.
  • Looking for talent — Many blockchain projects do not move from pilots to extensive rollouts. But having said that a few aggressive firms are pushing for interesting use-cases causing a surge in demand for talent. These firms are hiring engineers with differing levels of abilities related to blockchain technologies.

In the next 2–3 year window, we will see more enterprise blockchain services and solutions. Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system that features the smart contract (scripting) functionality.

Ethereum-based customized software and networks are being tested by enterprise software companies like - Microsoft, IBM, JPMC, Deloitte, R3, and Innovate UK.

The financial services sector is updating existing systems, and moving quickly with innovative forms of asset securitization and new models for exchanges and trading. A few examples of experimentation with Ethereum blockchain to help automate the Markets in Financial Instruments Directive (MiFID) II requirements are Credit Suisse, UBS, and Barclays.

Blockchain can answer many challenges within the Healthcare industry as well. Blockchain can help engage millions of individuals, healthcare providers, and medical researchers to exchange volumes of data without compromise to privacy and security. And this means precision with regards to medicine and advanced medical research leading to improved health and pre-emptive care for diseases.

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