Blockchain technologies have transformed the way we work and do business. It has introduced new solutions, business models, and helped us in several dynamic ways to be more efficient. The dynamic developments in blockchain technologies are still being applied.
Generally, the blockchain technologies take help of cryptographic tools to create an important and dynamic innovation in record keeping. It has three key features which are:
- Total transparency is guaranteed with blockchain as it can be seen by all the participants. Blockchain technologies consist of public record of activity.
- There’s a peer-to-peer network which works on this distributed ledger. There’s no specific central organization that is controlling everything.
- Multiple copies of the record entries are being verified rapidly by the consensus.
Transactions play a major role in the global economy which is why record keeping needs to be solid. Blockchain provides important solutions for transaction record keeping and it is being tested across a wide range of sectors. Broader adoption will be there in a couple of years.
Let’s take a look at the top blockchain technologies trends in 2018:
- The blockchain is a blessing for several industries as the transactions will become smoother and easier with the advancement of this incredible technologies. Sectors like insurance are going to read a lot of benefits from having this technology as it will make the process of settlement easier. Users will start getting used to blockchain and their trust will increase. Additionally, education, healthcare, and transport sector will also reap huge benefits. Blockchain has given a birth to a brand new decentralized economy along with cryptocurrencies that would provide a new approach to the cashless transactions. This means no more additional charges. The fact that all transactions are stored in a single ledger means there’s no complexity. The transparency factor meaning that there’s no involvement raises the trustworthiness of blockchain amongst the users. The blockchain is indeed free from attacks and hacking which makes it fully reliable.
- The global competition is heating up! Asian countries and the Middle East would be taking the lead as they have the most interest in the blockchain. Japanese and Korean banks are already testing this technology to do same-day transfers by cutting costs. Did you know that Singapore recently announces that the central bank would be completing its trial of using blockchain leverage their payment systems? In the Middle East, the government is actively welcoming the blockchain technologies and introducing it to their economy in order to innovate.
- In 2018, we will see a tremendous boost in cyber-security. Especially after the ransomware attacks, it has become much important to have a stronger cybersecurity in place. Blockchain will act as a protector for all of the cryptocurrencies and would also help in protecting the identity data process. While still a newbie, blockchain will help enterprises in tackling the cyber risk issues like digital identities and protecting the data integrity. It could help in improving the platform that can prevent fraudulent activities and detect the data tampering.