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December
13, 2018
6 minutes of reading
You are reading Entrepreneur India, an international Entrepreneur Media franchise.
In the current decade, Blockchain has been one of the world's words as regulators, thought leaders and startups are busy discussing how distributed ledger technology (DLP) can make our life easier.
Even if the technology is at its nascent stage and you need to wait and see how the future could come to fruition, in the end it may well be worth it.
Meanwhile, Entrepreneur India analyzes key trends that are likely to share the future of the blockchain in 2019:
Climbing the ladder up
In the last few years we have seen many examples of proof of concept (POC) both in the national and international market and the institutions have agreed that the DLT will add value to the sector.
Sharing an example of this, Jesse Chenard, CEO of MonetaGo says that the US-based Depository Trust & Clearing Corporation (DTCC) announced at the beginning of this year a study that showed that the blockchain is able to support average daily volumes in the United States. stock market.
"This equates to more than 100 million exchanges a day, since the DTCC is a first-class post-market infrastructure, this has certainly been welcomed by the financial services industry and is a positive test of applicability of this technology to many different sectors of the economy, "he said.
As the world continues to understand technology more and more, it is optimistic that existing pilots are heading towards production and companies will try to exploit these systems for various operational reasons in order to become safer and more efficient.
"Some of the previous challenges related to how we initially tackled and applied the technology were addressed by the community, and indeed our company MonetaGo released the first Hyperledger Fabric blockchain for several financial services companies at the start of this issue. because we have been able to demonstrate clear value propositions to those institutions, "he said.
Regulators Nod
From the securities market to the banking sector, the lack of transparency is on the main challenges around the world and observers have understood that blockchain can solve this problem and are actively discussing the importance of data sharing.
From the SEC in the United States to the MAS in Singapore, and everywhere in between, Jesse Chenard, CEO, MonetaGo feels more comfortable with the way financial institutions are trying to implement the DLT for daily use and employ a considerable amount of time to watch the POCs and engage pilots, as well as promote projects and create sandboxes.
"The initial fears have now disappeared and have been replaced not only with a permissive attitude, but increasingly with the desire to participate in the evolution of distributed systems that can benefit the markets they regulate. regulators leave the government sector to pursue careers in the private sector because they have realized that the regulations will not be an obstacle to the adoption of technology, "he added.
Even Raunaq Vaisoha, CEO, the opinion of Elemential Labs echoes Chenard. By giving an example, NSE, which seeks to exploit the blockchain for E-Voting, says that technology "will allow them (market players) to integrate with regulated parts and processes and create a transparent real-time vision for regulators without adding big overload ".
Talent Pool
In 2018, one of the key challenges among blockchain / startup companies was talent. As with Upwork, a global freelance website, the demand for talent with blockchain skills has steadily increased by over 2000% for the quarter for three quarters since the first quarter of 2018.
But Vaisoha says that a quick search on LinkedIn will tell you that there are about 2,000 engineers with a blockchain certification.
That said, the entrepreneur thinks that the hunt for human resources will no longer be the main concern of the industry.
"The emergence of a strong tooling ecosystem supported by players like Hyperledger, IBM, Corda and several start-ups has created collective knowledge and platforms to allow us to perfect our engineering talent, which means growth in engineering talent available for blockchain This would also have a positive correlation with maturity in blockchain technology and bringing more scale implementations, "he stressed.
In your pocket
Experts believe that the approval and review process based on DLT technology will revolutionize the financial services sector in 2019 and this can happen soon by integrating blockchain micro-nodes into phones.
At the start of this year, HTC and Swiss Sirin Labs, based in Taiwan, announced their own version of smartphone blockchain.
In fact, mobile chipset companies like Qualcomm are building a co-processor in a Trusted Execution Environment (TEE).
Do you wonder how the purpose works?
Kumar Kushal of Belfrics explains that in this protected processing area, telephone manufacturers can install a separate secure operating system and provide data storage and application frameworks by creating user interface applications and transaction services that are not accessible through normal operating systems or Android applications.
"By creating a blockchain node in TEE of smartphone chipsets, government and businesses can create irrefutable digital approval processes to accelerate business processes and bring unprecedented efficiencies – these custom smartphone applications are the authenticated channel for financial transactions. step by step for companies and retail customers, remotely assisted through a combination of human automation and robotics, "he shared
This will also allow you to store cryptographic tokens in your phone, while identity tokens can be used to sign smart contracts, as well as for authentication and authorization for various payment processes and approval processes.
"Imagine our government ministers and bureaucrats who exploit this technology.The problems are presented to them through protected user interfaces on their smartphones.With the clarity of approval deadlines and access to all interested parties at their fingertips through encrypted video chat sessions and chats, they can make faster decisions and approvals.This innovation uses immutable acquired data along with digital identity and biometrics on mobile phones to create faster approval processes in a company with more stakeholders, "added Kushal.
