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Bitcoin has come to light and has gained a lot of prominence gradually. While the main route of cryptocurrency is still speculative, blockchain has become one of the first emerging technologies and should do great things – solve problems and open up a myriad of opportunities in all sectors.
While people realize their extensive day-to-day applications, blockchain continues to grow in popularity. Looking back over the past year, here are a few key observations on how the blockchain went and what it should change for organizations.
The most traditional companies are examining blockchain technology
We see more and more companies that use this technology at the forefront or are about to implement it, given its myriad of applications. Organizations are now building the skills needed to push blockchain in traditional adoption. The industries that are witnessing greater adoption of blockchains are banks, financial services, insurance, supply chain management, health care, e-commerce, games and academics.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has launched a Global Payment Initiative (GPI) pilot service to join the growing blockchain and fintech services.
Cost reduction and simplification of processes are strategic values that blockchain brings to the table. We have seen the adoption of blockchain in payments, remittances, origin and traceability in the early days, which is consistent with expected returns. While there are blockchain applications that promise to offer a first-class advantage to businesses, in 2018 and 2019 leaders should continue to adopt cases with obvious underlying benefits.
Blockchain has also found its way into talent management. The SP Jain School of Global Management, the best Indian business school in India, has released 1,189 blockchain-based certificates to graduates who have recently received professional diplomas and certifications. The certificates now living on the Ethereum blockchain will allow potential employers and other parties to verify the authenticity of a job seeker's qualifications without having to contact the business school.
Blockchain enables secure transactions as it is encrypted and, therefore, is a great alternative in areas such as identity management. With its range of advantages, it is safe to say that it will be instrumental in trading, fraud detection, insurance policy management, government and public sector management, as well as in food security and agricultural origin.
Innovative start-ups will interrupt the sector with blockchain technology
Rapidly growing startups have found themselves in a position to interrupt other activities in their sector. They are led by executives who are experienced and well connected in their fields. These are companies that are often able to apply blockchain technologies in ways that are truly part of their business model, rather than completing it.
Numerous initiatives have been implemented in all jurisdictions, both at federal and state / provincial level, using the blockchain to improve services and transform intergovernmental and citizen transactions. Applications such as transfer of securities and identification have gained maximum traction for blockchain in the government sector.
In geographic areas such as Switzerland, Thailand and Canada, the government has successfully implemented the blockchain to improve processes. To name a few, Swiss National Postal Service and Telecom Leader are building a blockchain platform for their blockchain-based applications, and Thailand's revenue department is monitoring VAT payments using blockchain.
Very recently, Dubai's official government credit office announced that they are introducing digital payments to the public sector. While many blockchain initiatives have seen the light of day, many are still in the pilot phase. In 2019 these initiatives will resume the pace sooner than we know.
https://www.technologytimes.pk/blockchain-emerging-tech-2019/https://i2.wp.com/www.technologytimes.pk/wp-content/uploads/2018/12/Blockchain-will-dominate-emerging-tech-in-2019.jpg?fit=765%2C350&ssl=1https://i2.wp.com/www.technologytimes.pk/wp-content/uploads/2018/12/Blockchain-will-dominate-emerging-tech-in-2019.jpg?fit=150%2C69&ssl=1WorldBitcoin has come to light and has gained a lot of prominence gradually. While the main route of cryptocurrency is still speculative, blockchain has become one of the first emerging technologies and should do great things – solve problems and open up a myriad of opportunities in all sectors.
Such as…Ammara KhanAmmara
caravanserai[email protected]AdministratorTechnological times
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