Will 2019 be the year of the blockchain?


Bitcoin downside prices may have dampened the mood of cryptocurrency investors, but this did not stop supporters of the underlying blockchain technology from implementing real blockchain applications.

In 2018, more companies in the Asia-Pacific region such as SunMoon started launching blockchain-based platforms to track their products and other assets and, more importantly, to acquire real-time information on order fulfillment and product quality .

At the beginning of the year, the Singapore-based Global eTrade Services (Gets) had also launched a free trade blockchain (OTB) network to increase cross-border trade between China and the rest of the world. Asia.

These developments should continue in the new year. However, in the IT realm, there are other areas that will be affected since blockchain becomes more important in 2019.

The traditional backup, for example, will give way to hyper-converging solutions, according to Ravi Rajendran, CEO of Asia South at Veritas Technologies.

Convergence will occur between compliance, security and security, as companies continue to address risks and exploit opportunities with the data they have access to. In the next year, organizations that can effectively exploit blockchain will be clear winners while technologies continue to converge.

"This makes the blockchain mature for the backup and recovery market because it can touch all the pieces of data, stored anywhere," Rajendran said.

"As long as data exists, there will also be a need to tap into that data – but who has access to this data will be the real determining factor in the power of blockchain," he added.

For this, Rajendran said that people will need to be able to delete their data and access it whenever they want. Organizations will also want to use information from data to explore new opportunities. At the same time, both parties should be concerned about possible threats from third parties, he said.

"Blockchain can provide a solution that allows all of the above, but before it can be widely adopted, factors such as people, legality, business, culture and more will need to be well aligned.

"In 2019, we'll see more innovators experimenting with blockchain use cases that demonstrate many of the benefits of blockchain data protection."

Will 2019 be the year of the blockchain? Tell us your thoughts in the comments section below!

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