As the early December morning chill sets in, we can’t help recalling all the changes we have seen take place within the year and wonder on which few technologies are going to grow further.
A December to Remember:
2017 has been a remarkable year for technology. ‘Blockchain’ has been the go to buzz word in the market. At the beginning of the year, there was utter ignorance regarding this technology and its many applicational uses. Slowly and steadily, as Blockchain started being implemented in many sectors, as it brought about a change in people and their mindsets regarding the same.
Blockchain technology has helped several industries and institutions grow in recent years. Healthcare, Education, Banking, Tourism, Gaming, Real Estate, E-Governance, Food Industry, Internet of Things, Digital Identity etc. are just some of those sectors. Its future however shows a fork in its path!
Blockchain Technology has grown beyond the FinTech world. With the rates of Bitcoins rising to unexpected highs and Ethereum finally making its potential felt, it is needless to say that a ‘fork is coming’. Blockchain is going to split and rise into many a number of options.
Blockchain was the key component that has been missing in helping IoT meet its latent possibilities. IoT devices when loaded onto blockchain tech can help us make our homes, our offices more secure. The credibility of a device to authenticate the identity of its user shall be further explored and mastered with the help of blockchain as it relies on a network of computers and has privacy at its core. Blockchain will be an important enabler of IoT and any organization’s digital transformation as it further streamlines operations for greater dexterity and customer’s complete receptiveness.
Blockchain technology is helping create solutions that will emerge in various segments of the finance sector. The most successful solutions will decentralize banks by increasing their efficiency and reduce transaction costs. A large network of blockchains shall result in widespread benefits for all. As the adaptability of cryptocurrencies rises, it shall raise the trading of bitcoin and other cryptocurrencies. Due to this, people will again turn to banks that shall be decentralized who end up as the custodians of cryptographic keys. A big boost for banks who are seeking to regain their role as a financial intermediary.
With Digital Identity helping homeless refugees get their lives back on track, Blockchain has been a key technology in assimilating information from people who have zero paper trail. While this may be implemented in many countries, its innovation of bringing together the government authorities and random citizens shall definitely be further developed and reach a crescendo when all citizens have their data loaded onto the block. Time plays a crucial factor in this scale of organization of data.
Next Read: Smart Contracts: Blockchain’s Secret Ace!
Business ideas are being made real with technology at a speed that was unimaginable five years ago. This shall help clear winners who will go on to trade on their momentum to become the new leaders in their domain. Blockchain is that vital leader of the change to come. Let’s hope that the people involved in the further development of Blockchain help realize its adaptability to make lives easier, simpler and happier.