Years are going by and so is the importance of technological advancements. When we are starting with the topic of technological advancements, the first thing that strikes the mind is Blockchain. The tech heads have praised and incorporated the Blockchain in the year 2017 and the legacy continues in 2108.
The fortune 500 organisations of the world like oracle, IBM, and Microsoft have collaborated with the providers and joined their hands to seek their opportunities in the Blockchain. The Blockchain powered IOT was blessed with the investment of 200 million dollars from a big shot company like the IBM itself. Surprising the community of investors, the bitcoins have faced big dropdowns when compared with Blockchain. Let us know some of the future details of 2018, which will prove the current Blockchain development trends in 2018.
The rise of interest in Blockchain in Asia and Middle East
People living in the continent of Asia as well as Middle East have shown a lot of interest in the Blockchain. A major group of banking institutions are counterfeiting with the Blockchain projects as well as the offerings of the services especially in the payments. For example – the banks of Japan and South Korea have started the test of Blockchain technology that can cut off the cost by approximately 30% and also the same day international remittances.
The Blockchain technology will increase the cyber security –
The increase inthe ransomware attacks demands the IOT cyber security, cryptocurrencies as well as the Blockchain will appear with emplacements on the cryptocurrency technologies. It may sound the most innovative as well as fabulous; the rise in Blockchain cybersecurity tools will be the next big thing in the Blockchain.
With the faults like the Equifax, discovering that the organisations cannot protect their current and present identityand the data systems, which demands a proper and secure Blockchain based approach, without appearing any key player.
Finance and insurance can face consequences
The two main sectors namely finance, as wellas insurance,are sure to have a deep impact, dealing with the disruption as well as the threats as the rise of the blockchain technology. The Insurance sector is sure to show some hike with the complex and multi – partprocesses as well as the claims processing like the subrogation will deeply affect the blockchain – basedautomation. The famous American banker and financer JP Morgan will be introducing the cryptocurrency desk of trade, in spite of Jamie Dimon’s, an American business executive commenting on dismissing the legitimacy of the famous cryptocurrencies.
Automation will help the digital Transformation
The Blockchain technology will turn out to be the major driver of the digital transformation through the medium of automation, tokenizing of the physical assets as well as the activities, digitalization of the processes as well as the codificationdone with the complex contracts.
In addition to the fact the issues and problems like the governance are sure to outbreak the bitcoins, Ethereum, when the rise of the challenges will be more in the coming time. It will motivate the companies to move towards the technology of the private blockchains, without slowing down any rise in the role of cryptocurrency.
There will be a great growth in ICO
In the year 2017, a huge leap was seen in ICOs as well as the ecosystem of cryptocurrencies has widened far more than any time before this. Moreover, if the talk is about the near future, ICOs is sure to see itsmaturity significantly in the coming time and will also take over the venture capital funding altogether.
Unpredictable and unknown
In the year 2017,it was full of the talk and speculations of the chaos and the trend are sure to continue in the year 2018 as well. The hype is said to see a continuous movement but will face various kinds ups and downs, goods and bad in the way of success and popularity. Despite the volatility of cryptocurrencies, people will tend to buy. Moreover, investors will join more with the potential of increase in future markets.
Private investors will have to be very cautious, as the cryptocurrencies are not common and yet not playing the role of normal currency, cryptocurrencies are not likelyto emerge as a payment network as of now.
With the awakening and rise in the cryptocurrencies and blockchain, let us see what the future has in – stored for it in the financial institutions and market, and what shall be the impact of it on the financial institutions present all across the world. Moreover, if the concern is about cyber – security then their will be more changes and security that the blockchain will be showing in the coming future.
Blockchain technology is here to stay and as it has shown its advent in 2017, the hopes for 2018 are set high as well as sky – scraping.
Ankit Srivastava has good experience in the field of IT and latest technologies,mobile and web Application Development. He is working with a leading IT company Enuke Software and also want to spread and explore more knowledge about new technologies in trend like Blockchain Application Development, IoT app Development etc.