What Promises Blockchain Makes in 2018
Treading in steps of Microsoft and IBM, Oracle announced its new cloud Blockchain-based app in October. It is safe to say that many companies of Fortune 500 list are trying to adopt Blockchain in their business environment.
Even the recent fluctuations on the crypto market with their overwhelming effect on investing community cannot disrupt the ongoing Blockchain expansion. While monitoring the market, let us have a look at what we must expect from the technology:
- Blockchain aggressive promoting in Asia and the Middle East
Interest in Blockchain in this region still remains extremely intense, with some of the largest banking institutions already being engaged into Blockchain projects developing.
For instance, Japanese and South Korean banks have just started testing the technology which could provide for almost instant international transfers and reduce company costs by as much as 30 per cent. Meanwhile Dubai is striving for being the Blockchain capital of the world.
- Cyber security contributing to Blockchain acceptability
With «ransomware» more often extorting cryptocurrency, Blockchain and IoT will switch to cryptocurrency-based protection.
Though the idea may seem a bizarre one, Blockchain-centered security colutions may become another breakthrough. Considering grave problems with protection of existing identity data systems, e.g. those Equifax has, there will be a growing need in more secure Blockchain identification procedure.
- ICO rising
2017 witnessed incredible growth of both ICO popularity and cryptocurrency market in general. The following year ICO development rate is going to speed up and outrun venture capital funding.
- Developing finance and insurance industry
Both sectors are going to be the first to implement the Blockchain technology intensively.
This is just the case of insurance as Blockchain may prove to be effective in processing of claims and complex cases such as subrogation (underwriter who has paid off cash indemnity acquires a right to claim recompense from the body liable for damages incurred to the client in the amount equivalent to the repayment).
- Going automatic and private
Blockchain facilitates digital transformation of enterprises, especially automation, process digitalization and tokenization of physical assets.