Blockchain technology applications beyond Bitcoin
Blockchain in fintech:
Blockchain is decentralized distributed ledger technology. The first application of Blockchain technology is Bitcoin, the popular CryptoCurrency. There are now more than thousand CryptoCurrencies. And also applications like Ripple – based on Blockchain technology get introduced in global banking transactions. Stefan Thomas, chief technology officer of Ripple Labs, describes the “internet of value”. “By value we’re talking about money but were also talking about stocks and bonds… intellectual property… anything you can think of that might have value,” IBM predicts that about fifteen percent of banks will be using this technology by 2017. However Blockchain technology applications are not limited to CryptoCurrencies or Banking and Payment transactions.
Blockchain other application areas:
Here goes some other industries where in Blockchain has entered in to.
- Cyber Security
- SCM Supply Chain Management
- Prediction and Forecasting
- IoT Internet of Things
- Travel and Transport
- Networking, Data storage
- Land registers and real estate
- Social media
There are several hundred or thousand projects that are coming up. Even if by chance CryptoCurrencies like Bitcoin, Ethereum, Litecoin etc., do not get through the governmental regulations, bans etc., Blockchain as a technology is poised for a better future than any other emerging technologies like AI- Artificial Intelligence, IoT Internet of Things etc.,
Blockchain – The New Internet:
The basic point to be understood is that Blockchain is a bit disruptive in nature as some of the established and organizational controls are challenged. The Internet as we have now is good for information sharing. Asset and value sharing is different. When one sends a document or file, still a copy of the that piece is available with the sender. The same is not the case with asset or money sharing. The intrinsic distributed nature of Blockchain technology is perceived both as advantageous and threatening.
Gartner on Blockchain technology:
A recently published report
‘Blockchain technologies are extremely hyped, evolving at different trajectories, but should not be ignored. They offer the potential for substantial change in technology development and delivery as well as in how the economy, business and society operates.’
A report from Pricewaterhouse Coopers (PwC) has named blockchain as a ‘tech breakthrough megatrend’ for CIOs.
Let us closely follow and see.
/Malick, Chain Scripts, Chennai, India.
‘I have no special talent. I am only passionately curious’. -Albert Einstein