Gopi KK, Senior Vice President of Infosys, an Information technology consulting company says blockchain adoption will increase significantly in 2019 with the banking sector leading into its adoption, market participants' collaboration and government-friendly policies will help to promote this growth, reported Gigabit on December 23, 2018.
Industries Are Adopting Blockchain Technology
In the interview, Gopi KK was released from the private and public sectors of many economies. This is because of its ability to bring about traceability, transparency, and provenance.
Although distributed ledger technology (DLT) may be gaining acceptance in various sectors, there are still many limitations impeding its growth, including scalability, government regulation, technical know-how, and more.
Notwithstanding these challenges, Gopi KK is to be able to improve its productivity and efficiency.
SVP believes that the industry will be leading into the promotion of this technology. Specifically, blockchain will gain more use cases in areas such as payments and settlement, trade, and provenance.
Also, companies in the same industry will continue to collaborate to take full advantage of DLT, he noted.
Government Policies Encouraging the Use of Blockchain
When asked if the policies are encouraging the use of blockchain technology, the SVP answered in the affirmative. The United States, Europe, the South East Asia were setting up the laws to regulate its use.
Notably, Gopi's comment is in line with BTCManager's report on July 16, where it was revealed that the United Nations had set up a 20-member panel to explore the potentials of the DLT and discovered how this innovative technology could be used to solve problems in the real world.
In related news, on December 19, 2018, BTCManager informed Iran and Egypt had announced they would be deploying blockchain technology in various sectors of their economy, to boost growth.