NEW YORK, Aug. 20 (Xinhua) – Although in the early stages of development, the broad application perspectives of blockchain technology, combined with a new wave of technology that includes artificial intelligence and virtual reality, are widely and widely anticipated by many US experts.
"We will see intelligent contracts that are essentially based on blockchain, (e) we will see great economies of scale in production processes in a command and control system and process", Lawrence Trautman, a professor at Western Carolina University, told Xinhua in a recent interview in the margins of the blockchain technology and the 2018 organization research symposium held by the UConn School of Business.
In a systematic way, the blockchain will reduce the risk of human error and failure in many systems that are profoundly important to us all, he added, referring to trends in the development of blockahin technology.
A Bitcoin whitepaper was published a decade ago. In it, a peer-to-peer version of e-money is described along with the underlying digital infrastructure now commonly known as blockchain technology.
Since then, blockchain technology and its applications have attracted much interest in public, business and academic circles.
Blockchain "is a marvelous technological invention for humanity, and virtual currencies are simply an application for the use of blockchain," noted Trautman.
Blockchain applications could be used in many areas such as finance, insurance and government data management, echoed David Noble, director of the Peter J. Werth Innovation and Entrepreneurship Institute at UConn.
For example, "the insurance industry can become much more efficient at price risk if you know who the owner is within 20 to 30 minutes instead of three or four days," he said.
The government sector in which a piece of paper is stamped or licensed or certified could also become a solid place to build blockchain technology and digitize that paper securely.
Meanwhile, Robert Dahlstrom, a marketing professor at Miami University, believes that blockchain technology, with its transparent, traceable and immutable character, will be well adopted in supply chain management.
With the help of blockchain technology, consumers can clearly know where each part of the product comes from, which will help manufacturers build reputation and ultimately benefit high-quality manufacturers, Dahlstrom said. .
However, expensive transaction costs with high levels of monitoring are still the main obstacle before blockchain technology can be widely used in this sector.
Blockchain is part of a major technological revolution, and "a robotics, virtual reality, artificial intelligence and blockchain will all play an important role in this," Noble said.
"With Moore's law and the speed of computer processing steadily increasing, and in combination with the decline I have In the cost of storage, I think in 10 years we could see deep applications (of blockchain)," said Trautman .
