2017 was one of the most successful for the emerging technology of Blockchain. The dramatic and explosive growth of Bitcoin cost caused a huge interest in the technology that underlies the creation of digital currencies. However, that the potential of the Blockchain is by no means limited only to Bitcoin.
Blockchain has and will have an impact on many areas of our life, including the creation of its digital identity, collection, processing and analysis of data related to medical care, insurance, mortgage lending, the transfer of ownership of land and the supply chain.
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The largest financial and technology companies have already launched new platforms and tools based on blockbuster technology, and we see the potential impact of the latest technology in the field of cybersecurity. Get Free Consultation on Blockchain
Growing stability Cryptocurrency: Don Tapscott, the author of the book ‘Blockchain Revolution’, believes that despite the increase in the number of hacker attacks, overall stability of the blocking and Cryptocurrencies to external influences will grow. These ‘sustainable and flexible technologies’ are based on anti-brittle models.
The more often Cryptocurrencies are subjected to hacker attacks; the more is their strength and higher stability. When the Chinese authorities imposed a ban on the initial placement of coins and hinted at possible problems with stock exchanges of Bitcoins, the cost Bitcoin began to grow.
After the attack on the DAO, the Etherium took hundreds of actions to improve its own security and sustainability of the work.
Governments recognize and will use Blockchain: According to Jerry Cuomo, Vice President of IBM, in 2018, power structures will accept and highly appreciate the innovative technology of Blockchain.
Next year, the public sector on a global scale will begin to look more closely at the Blockchain, and citizens will feel the impact of the latest technology on many everyday aspects of their lives. The governments of a number of countries are already testing the Blockchain to use this technology instead of the existing voting system.
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The most ambitious plans for the use of blockages include the creation of the digital personality of every person living on the planet, regardless of his citizenship and the availability of a paper version of the birth certificate. Jerry Cuomo believes that the Blockchain will enable the development of new models for creating a truly independent digital identity of a person.
The created identity will be unique, and neither the government, nor the company, nor anyone will be able to change it.
Central banks will use the Blockchain: According to Jerry Cuomo, Blockchain technology can be applied to the development of payment systems using digital currencies, which are backed by digital money.
Such payment systems will simplify the interaction of central banks of countries and provide, with partnerships with commercial banks, instant cross-border payments.
Central banks of countries will begin to buy digital assets and will use Crypto assets as a means of exchange of values based on real-time blocking technology.
Blockchain + Analytics: Sandy Steier, chief executive officer of 1001data, thinks that using Blockchain in various sectors of the economy will create opportunities for the development of new data analytics, which will be characterized by high accuracy, privacy and personal protection.
For example, the use of new analytics in the financial sector and the real estate market will greatly simplify the process of approving the application for mortgage loan.
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Consumers will feel the benefits beyond Bitcoin: According to Jerry Cuomo, the era when the Blockchain was associated only with Bitcoin is coming to an end. In 2018, the benefits and benefits of modern technology will indirectly be reflected in the medical care and management of digital identity.
Blockchain is already being used in applications that bring tangible and immediate benefits to consumers in areas such as identity management, consumer authentication and luxury goods.
In the next year, the business will begin to develop methods for using Blockchain, so that consumers can track the life cycle of the goods they bought.
The year of hope: There will be a few directions for the business development in 2018. The first direction is research and development work; the second is the practical application of technologies that will bring immediate profit to business and the third is the development of long-term projects that have the potential to make radical changes in technology.
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