Although the cryptocurrency can still become a mainstream, the emerging technology of the blockchain is expected to continue to develop and complete innovation.
This technology is becoming more and more popular as industries continue to explore the application of blockchain. Recently, Deloitte released a report titled “Global Blockchain Survey 2018”, which explored several blockchain-related trends that deserve attention in 2018 and beyond.
If you are interested in exploring what the blockchain can do for your business, or if your entrepreneurial ideas can benefit from this versatile and secure technology, you can check out this article.
- Enterprises are applying blockchains, not just exploring
According to Deloitte, the key shift in the blockchain is taking place. Companies have explored the potential of blockchains to streamline business processes, and even their disruptive effects, and companies are now using blockchains to build real-world applications.
While technology or “digital” companies are more common with blockchains, this change undoubtedly indicates that blockchains are gaining wider acceptance. More importantly, the confidence of companies has increased dramatically. - Practical blockchain applications are increasing
Block Ground Capital said that more traditional industries such as the financial industry mainly apply blockchain solutions to current business models. The previous Deloitte research report also showed that 74% of traditional enterprises are conceiving actual use cases, but the number of enterprises actually implemented is much less. However, more than 40% of respondents believe that their organization will adopt a blockchain in the future.
For example, the Australian Stock Exchange has replaced existing CHESS systems with blockchain-based distributed ledger technology. Although this change is worth noting, it can only be achieved after years of testing and consideration. If this adoption is a weather vane, then traditional companies may continue to adopt a gradual approach to blockchain technology. - Blockchain fatigue has become a problem
In some ways, blockchain is over-hyped as much as virtual reality. Over the years, people in various departments have heard of blockchains, which are portrayed as a true game changer. The problem is that many people still don't see their benefits to the real world. For them, just like virtual reality, blockchain is just a beautiful technology, and if it is not used, the blockchain will soon be forgotten.
This is not to say that the blockchain has no surprising potential, which does prove that the gap between blockchain speculation and application is a problem. If the company no longer explores its potential, the practicality of the technology does not matter. But this may also be changing. For example, ProfitCoins is a startup that has subverted the investment field by providing investors with an automated way to make profits using cryptocurrencies, eliminating the need for prior knowledge or large initial capital. Helping investors buy low and sell high, providing users with important practical applications of blockchain technology. - Innovative enterprises are more likely to adopt blockchain than traditional enterprises.
One type of business that the report focuses on is “emerging disruptors,” all of which are fast-growing startups, and have found themselves able to disrupt other businesses in their industry. They usually have sufficient funds and are led by experienced and connected executives in their industry.
These companies are often able to apply blockchain technology in ways that truly become part of their business model, rather than just using blockchain technology. One example is Storj Labs, which uses blockchain as a new technology base for subverting cloud storage and even enters the Chinese market, something Amazon can't do. - Blockchain and PR cooperate well
Public relations (PR) are booming. Whether the service is viral through traditional media campaigns or through social media, companies and individuals see that PR can increase credibility and prioritize its advantages over traditional advertising campaigns.
GoodNoon is a company that uses the blockchain to provide PR services to anyone with interesting stories, not just a few wealthy companies. The key concept is to use the blockchain to decentralize the PR industry and rely on artificial intelligence (AI) to help users find journalists or users who might be more interested in the story. As a result, larger, more capital-rich companies cannot easily drive the growth of other organizations by leading the media. - Security remains the main source of innovation
Because the blockchain was created as a means of ensuring transaction security, it should not be surprising that most innovations revolve around security. Blockchain plays a huge role in network security.
An example of this is HYPR. They use decentralized biometric data and other credentials to facilitate and improve user authentication and access control systems. The company has received $8 million in venture capital funding due to a general desire to prevent another Equifax security breach.
There are still months in 2018. In the commercial and technical fields, what is the application of the blockchain, and what will happen is still to be seen. At present, traditional companies are slowly increasing their focus on this technology, and more technology frontiers are more enthusiastic. It is not surprising that most industries are affected, and the situation at the end of 2018 should be more interesting.