The previous year was quite positive regarding adopting blockchain technology as database and tech giants were moving forward in this sphere. Among them, were IBM, Microsoft, Oracle, and SAP. For example, two months before the arrival of 2018, Oracle notified about its strategy to launch a blockchain-like cloud service. SAP, in its turn, released its version of such an offering some months before that. So, as we can see, top technological companies look forward to examining the core of bitcoin – for their purposes in business.
And it is not only essential companies that endorse blockchain. Several countries’ governments also have been pretty friendly to this tech trend, whereas individual entrepreneurs puzzle over possible ways of implementing blockchain-based applications and so on. Thus, it must be intriguing to see which blockchain developments that will emerge or will be adopted in 2018.
1. Finance Sector to Step into Blockchain Realm
According to Coindesk, finance and actuarial sectors will desire to utilize blockchain. The technology will mainly be remarkable for complicated processes which involve several parties like subrogation in insurance sphere. Peter Loop, the associate vice president at Infosys, the author of the article, even believes that JPMorgan will open its arms towards the blockchain, as recently its chairman Jamie Dimon ultimately claimed that the blockchain is real.
2. Blockchain to Reduce Expenses & Waiting Time For International Banking Transfers
The principal banking establishments in the Middle East as well as in Asian countries have been showing a lot of interest in blockchain projects. In particular, they have been active when guiding the development of payment services based on this technology.
Among such countries are South Korea and Japan. Both countries have commenced tasting this technology. Later they hope blockchain will help them to conduct trans-border transactions within only 24 hours and reduce expenses by about 30%. There is a high possibility that both nations get ahead in this race.
3. Businesses Should Brace For Extreme Changes
Furthermore, the world of business should be ready for the upcoming digitization of processes, tokenization of material assets and activities, automation as well as for codification of complicated contracts thanks to the blockchain. Meanwhile, regulatory issues will keep molesting bitcoin and ether, so businesses will have to turn “private” blockchains.
4. Increasing Safeguard
2017 was rich in hacker attacks all over the globe, so probably within the current year companies will adopt blockchain and other crypto technologies to increase the level of cybersecurity.
On the whole, the majority of companies cannot provide themselves with the sustainable protection of data systems, as the experience of a plethora of breaches, including Equifax breach, has demonstrated. So, perhaps, they should try adopting blockchain with its security approach when no one holds the keys.
5. Good Chance For ICOs
Despite the fact that some countries banned ICOs, e.g., China, they were a bandwagon last year. If venture capital's investing boosts in 2018, the ICOs will keep extending the cyber money market as their speed will increase way faster.