While cryptocurrencies have grabbed global headlines, the technology underlying them, Blockchain, appears to be determining market trends in 2018.
Deloitte Determines Blockchain Trends
Blockchain technology launched a run of its own in 2017, with businesses seeing significant investments based on the inclusion of the word blockchain in their name. Before many in business circles knew what blockchain technology was or could do, it became a global trend.
As the market realized the applicability of open ledger technology for spaces like logistics, health care, and financial technology, innovators have begun to rise to meet the challenge. Deloitte recently put out a report entitled the 2018 Global Blockchain Survey in this report they explore applications for the blockchain space. Here are the emerging trends of 2018.
Applying rather than exploring: According to the report, businesses are beginning actually to utilize blockchain technology rather than just studying it. Open ledger tech has the ability to streamline the short term and long term businesses processes.
All businesses are based upon the exchange of assets within a network and blockchain technology allows that process to be audited and confirmed immediately.
This is a boon for any business as far as increasing efficiency and decreasing cost. Ambitious business leaders are now beginning to apply this tech in their everyday operations using programs like Microsoft Power Ledger.
Decentralised blockchain based apps are coming to the forefront: While many businesses are applying blockchain technology to their current business processes, other blockchain based apps are rising to create entirely new ones.
The Deloitte study confirmed that 74 percent of traditional businesses could use blockchain technology in their processes. However, many more companies are diving in rather than dipping a toe, preferring instead to develop decentralized applications.
Blockchain boredom is real: A year after crypto mania and the blockchain bonanza, people will eventually tire of people talking about this emerging space. For some blockchain is a panacea for global business, for others, it’s a case of not fixing something that isn’t broken.
Virtual reality, machine learning, the blockchain, and flying cars will begin to take on a similar pie-in-the-sky shine. It remains the responsibility of innovators to see the utility of blockchain technology without succumbing to the buzz.
New businesses will adopt more efficiently than older companies: The report focuses on the disruption that can come from companies which were born in the space. Given that legacy businesses need to reformat their architecture to adopt blockchain technology, newer blockchain enterprises have the advantage of efficient and powerful tools.
Blockchain will become a new public relations tool: From maintaining visibility to growing a business on social media, advertisers can use blockchain technology to verify the fact that the eyes they want are in their advertisements. This means more credibility as well as disruption of traditional funding streams.
Facebook and Google currently control most of the advertising dollars in play, and blockchain technology allows for the subversion of these giants.
Safety and security is the key to innovation: Blockchain is a ledger system which ensures veracity. With that being said, this technology can ensure the safety of people and assets in the blockchain.
This will become a cornerstone in the emerging industry given how much value will eventually travel in each developing blockchain.