Blockchain is not just about cryptocurrency ,but a lot more than that. 2017 has been about blockchain as it has been adopted by many companies and many use cases have been developed in various industries.
Bitcoin has made blockchain the most popular technology in 2017. The exponential rise in the bitcoin value does not seem to come down and specialists believe it is soon going to be implemented in all the industries all around the world. Blockchain application development, has moved beyond just cryptocurrencies, it is being adopted by the giants in the industries like banking, healthcare, finance, IT to transform old legacy business models to new disruptive and distributed ledger technology.
I am listing few reasons why every industry should keep their eyes on blockchain for in 2018 for better understanding the technology and incorporating it where possible.
- Growing Crypto Feasibility
Blockchain is being made robust and secure. Recently many cryptocurrencies have been attacked But have made blockchain more secure, smart contracts integration has gone stronger. The transparent and resilient nature of blockchain has made it more adaptable and is being incorporated in business models using distributed ledger system.
- Governments will adopt Blockchain
In the mid 2018 government will start using blockchain and start looking deeply in the technology blockchain has to offer. Governments are already testing its functionalities with current voting system. There are many more applications of blockchain like digital identity will soon be the only identity of every human being.
- Exponential rise of value of Cryptocurrency
Cryptocurrency will be the new way business operates and will be a part of the daily transactions across the world. Integration of custom software development services with blockchain based crypto tokens will make the crypto currency better reputation. Simply put Bitcoin buyers at this point have the asset which will keep on rising across the world. Its not just the value increase that is keeping the cryptocurrency or crypto assets lucerative but it the acceptance as an commercial and negotiable tender.
- Banks Will Incorporate Blockchain
Blockchain payment management systems are being incorporate by central banks for cross border payments for immediate settlement in a secure and timely manner. Distributed ledger network supports the banks in transactions and verifications across borders. Just thank that in your family that is spread across different countries, you donot have to pay conversion rates from Dollars to Pounds or INR to Yen and its just Crypto to Dollars, Pounds etc. You actually end up saving high in case of large volumes.
- Blockchain Will Disrupt Modern Commerce
Blockchain is bringing a new revolution in financial industry and there is a global impact of blockchain that will transform the way the world operates. Blockchain, will disrupt modern commerce inventing new paradigm as SCM systems seeks more value from value chain. The manufacturing, logistics, store and complete supplychain will run on distributed ledger ensure error and fraud free movement of goods.
- Fiat money utilization
Tokenization will give new value to fiat money . In 2018 the industries will recognize tokenization to manage their fiat currency. For not just physical currency blockchain will put light on how businesses can settle transactions immediately with more robust digital currency.
Blockchain is being incorporated in many companies and will facilitate new data analysis practice with highly protected and accurate data providing more value to businesses. Taking an example ; In the financial industry the loan approval can be streamlined . People can share their personal details on a much secure, robust and transparent network. The data can be used for analysis for more and more streamlined process completion. Also would deliver process and procedure insights enabling greater efficiency.
- New Use Cases
As a blockchain development company, we have found that there are many applications of blockchain presently implemented in various industries but the upcoming application would be in anti-fraud management, government in voting, travel industry with emphasis on loyalty programs, and digital identification. People, companies will be identified with this unique identification in banks, service providers, etc. Travel and music industry is another platform where blockchain benefits will be used. The information will be available on the shared network to the participants in a secure and transparent way. With the increase ransom ware attacks the cryptocurrency technology is fraud proof.
Netset Being the leading software product development company has also established itself as one of the top Blockchain development Companies. We have also developed our Blockchain Wallets as a POC and are open to partnerships on for solving real business challenges. Drop us a line at Direct@netsetsoftware.com to know more.