Understanding blockchain technology can seem rather intimidating, but it’s simple. A blockchain represents a chain of ledgers that hold changes and transactions. These get grouped together and become a block. The chain part represents the references between the blocks. This features the history of the changes and transactions or rather, the ledger.
Much of what we strive for follows the future of Blockchain technology. There’s a great video that provides additional information on the entire system. It offers key details on what blockchain represents for future potential. The video doesn’t just show what’s to come, but how all these currencies work on this technology. Click and get to know more about the blockchain.
Enterprise Blockchain – 2019 May be the Year
Considering the market and what companies follow, you can see why this technology has a bright future. In 2018, as much as 95% of companies invested in this type of technology. In 2019, we see those projects become available to the end users as they move from the testing stage. Even with just a bit of research, it’s easy to see the potential. In fact, a former blockchain skeptic (Goldman Sachs) launched a product for investments at the end of last year.
Blockchain doesn’t just appear popular among investors, but rather spreads across the market. This includes multiple projects for everything from healthcare through to agricultural. They even use the technology to provide a higher level of cybersecurity systems.
It’s become clear that enterprises now accept the value of blockchain technology. The CEO of Cypherium, Sky Guo provides blockchain solutions that are enterprise-ready. They are proactively searching for even more ways to combine this technology in their legacy system.
The head of the crypto department and fintech at PwC, Henri Arslanian said that a lot of the blockchain noise cleared in 2018. He also said big players are bound to enter the crypto market in 2019. This quickly became the case within the first few months of 2019. In fact, multiple major companies already signed off with start-ups in blockchain. This includes R3 and ING Bank who actively invested in projects such as Symboint and Nasdaq. We even see new consortium enterprises come to light, including R3 and Wall Street Blockchain Alliance.
This is purely the beginning of enterprise-level decentralization. In fact, we expect to see many more DLTs in 2019.
Major companies already offer incredible enterprise-grade solutions with Blockchain technology. This includes IBM, Amazon and even Oracle who recently shifted towards this technology. We also expect to see R3 (an international Blockchain consortium) reveal their Enterprise Corda platform in 2019.
There’s already a lot of appeal to DLTs at enterprise-grade. However, the fact that it includes extraordinary collaboration possibilities is a major advantage and makes it even more attractive. This is especially attractive for cross companies and large organizations as well. IBM currently works with some of the world’s biggest food suppliers who aim to introduce a tracing system that uses Blockchain. This includes Kroger, Walmart, Nestle, Unilever and more. The collaboration technology plays a key role in the benefits of these food companies. For example, they’ll have the ability to trace hazardous items directly to the source in rapid time. It also means more efficient intergradation between companies, offering major advantages to everyone involved.
- Operations Improved
Before, connectivity remained a major downfall for Blockchain technology. However, tech companies continuously find new ways to enhance connections. Not only does it make it faster, but much easier as well.
For example, Ripple recently released a protocol that makes “connections” even better. It combines multiple ledgers to enhance the operations between financial originations. They refer to the protocol as Interledger, making it possible to transact data while avoiding the public blockchain. They achieve this by using private Ripple network versions.
- Better Understanding
Most who are unfamiliar with Blockchain technology assume it’s purely used for the transaction of cryptocurrencies such as Bitcoin. In fact, more than half of the investors and consumers remain excited and optimistic about the financial benefits it provides. However, many don’t realize the potential of the Blockchain technology outside of the financial sector.
At the same time, it seems as if businesses are geared towards Blockchain technology. More than 30% of companies taking part in a survey already use Blockchain technology or at least initiated the process. Another 74% are well away of the technology and have a compelling case to incorporate Blockchain.