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During the year 2017, the entire industry was a witness to a few of the biggest technology players making noteworthy moves in blockchain technology. Besides IBM and Microsoft, Oracle also announced in the month of October a brand new blockchain service offering which is based on cloud technology while SAP opened its easy access to its own version of the May offering. With such updates down the lane, it is rather safe to claim that Fortune 500 companies are gradually pairing with other providers to explore the uses of blockchain in businesses.
There are several government bodies that are collaborating on the different possible benefits of blockchain technology and there are few smart entrepreneurs who are thinking about how technology can be utilized as the base of new apps and smartphones.
As we follow the journey of Bitcoin, here is what we can see unfolding in 2018.
The Middle East and Asia will push blockchain aggressively
The interest of people towards blockchain will keep remaining pretty high both in the Middle East and in Asia and there are few of the biggest banking institutions which will move ahead with different Blockchain projects, especially in payments. For instance, the banks in South Korea and Japan will just begin testing the blockchain technology which could accomplish international transfers on the same day and cut down costs by at least 30%.
Cybersecurity will magnify the adoption of blockchain technology
As there is a sudden rise of ransomware attacks that demand cryptocurrencies, IoT, and blockchain cybersecurity with defenses that are based on the technologies of cryptocurrency. This might sound futuristic and fantastic but the welcoming of blockchain security tools will definitely be the biggest thing ever in the blockchain. There have been few major breaches in Equifax which proved that companies are not able to protect their present identity data system and hence there is a need for a more secure identity approach based on blockchain.
A seismic jump in ICOs
As per recent reports, there is going to be a seismic jump in ICOs in 2017 since the cryptocurrency ecosystem will expand in a big way. In the coming year, the pace of growth of ICOs will grow sooner and this will overtake the venture of capital funding even in a better way.
Insurance and finance will go in
The finance and the insurance sectors are 2 of the most famous ones to experience a threatening disruption due to blockchain technology. Insurance will very soon become one of the hottest areas as processing claims and complicated multi-party processes will show the business value of blockchain automation. JP Morgan will open the cryptocurrency trading desk in spite of the viral comments of Jamie Dimon.
Privatization and automation are yet to come in
Blockchain will bring about the digital transformation of the enterprise specifically with digitization, automation of the processes, tokenization of different physical activities and assets, and codification of different complicated contracts. Besides this, the governance issues will keep plaguing bitcoin, ethereum, and as new challenges emerged. The enterprises will be driven to private blockchains this won’t slow down the growth of cryptocurrencies.
Therefore, when blockchain technology is yet to create a staggering impact, you should take into account the above-mentioned developments in the technology industry.