The potential that Blockchain holds as a technology has been talked about since 2011 but it was only last year that it became more popular. It was due to the rise in price of Bitcoin, the first tangible example of Blockchain technology. Blockchain was first recognized in the financial sector due to bitcoin but in the later half of the year, it was beginning to be recognized across other industries as well.
2018 will see a continuation in the trend. Here are some of the ways in which it will happen:
Uses outside the financial sector
While we have witnessed the use of Blockchain technology in the financial sector with the rise of bitcoins, it will be useful in any sector dealing with oversight and recording of transaction like the health care sector. A research by IDC health insights confirms that 20% organizations will have operational blockchain by 2020.
Other domains like recruitment and HR, Legal and manufacturing sector will also see the use of Blockchain technology to make the process simpler. For instance, Blockchain CV’s have been developed which will make filtering candidates based on qualification and experience much easier.
Blockchain and Internet of Things
Security is the biggest reason that these two technologies are a good fit. Blockchains encryptions and trusted nature makes it possible to keep the connected devices and home safe. The power that Blockchain uses to mine Bitcoin can be used to safeguard the smart homes from cyber burglars wanting to break in and steal data.
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Blockchain would be helpful for recording machine activity on the ledger for record keeping, analyzing activities and machine could pay each other when used by someone other than the machine owner. This is likely to pick up pace in 2018 and you will witness an increase
Smart contracts is another possibility brought into existence by Blockchain. These are contracts that are smart enough to execute automatically if certain conditions are met like payments made, forms submitted, deliveries dispatched.
For example- An HR contract will be valid for most organizations. The HR issues a confirmation letter to employees once they complete their probation period. A smart contract will issue a confirmation letter as soon as an employee completed that period. Similarly, bonuses can be released to an employees account as soon as the targets are met.
Government to get onboard the Blockchain Bandwagon
2018 could see government getting onboard to take advantage of the potential that Blockchain holds. It has the potential of creating efficiencies in both financial and public services. While some countries like China have issued warnings about the high risk of investing in cryptocurrencies and have refused to use it for any kind of exchange in their borders.
Blockchain will undoubtedly be revolutionary but with anything with that much potential to disrupt the market can be dangerous and must not be rushed into. Everyone adapting to this technology should go in with clear expectations about what you want to achieve.