Since the emergence of blockchain technology, many cases of use have been discovered. Among all the benefits that the use of blockchain presents to companies, transparency and trust are the most common. Blockchain helps keep the supply chain of companies transparent and free from third-party manipulation. However, the adoption of this technology has been slow. Because that's how it is?
Information on the Blockchain technology
Blockchain technology is a distributed digital ledger that securely stores data across multiple systems and enables peer-to-peer transactions. It creates a reliable source of truth thus eliminating the need for intermediaries during transactions. The type of verification provided by technology creates a paradigm shift in the way we establish trust. It has far-reaching implications.
One of the challenges facing the industry is the lack of implementation. Technology is inflating interest in many places, but the pace of interest growth is not the same as the pace of implementation. In India, for example, there was a greater interest in blockchain technology, but there was no tangible development in terms of corporate shifts.
Despite this, some executives believe that 2019 will be the year in which blockchain technology will be adopted. Some senior United Airlines executives have declared that blockchain technology will reach mass adoption in the next year. This shows that there is great potential in the industry that has yet to be exploited.
Application of Blockchain technology in the energy, automotive and financial sectors
The fact that some managers are not conducive to the growth of the sector does not mean that it will not grow. There are still many advantages of blockchain technology that have yet to be exploited. In 2019, companies will explore these aspects. For example, blockchain has a strong application in the energy sector. Saiterm, a Dutch power company is planning to destroy the global heating market with an Ethereum-based system. Spring allows users to get coins as credit when excess energy is generated.
Salvatore Morale had this to say about the technology:
"We believe that spring offers homeowners a great opportunity to reduce the amount of energy spent, while also protecting the environment." The use of pellet, gas and oil boilers has led to an increase in greenhouse gas emissions Over time, thanks to infrared technology, future homeowners will be able to work and live in comfort, reducing global warming. "
There are also many applications of blockchain technology in the automotive industry. According to the IBM Institute for Oxford Economics and Business Value, 62% of executives in the automotive sector believe that the blockchain will have a disruptive effect in the industry over the next two years.