Since 2011, the potential of blockchain technology and the emergence of bitcoin, which has brought about extensive changes, has become more and more popular, but this year the concept really began to attract people's attention.
Perhaps because of the rapid rise in bitcoin prices (Lei Feng Wang Note: This is the first practical case of blockchain technology), the speculation of distributed ledger technology began to spread in the financial sector.
Blockchain financial services startups received a total of $240 million in venture capital in the first half of this year. And its potential has begun to be recognized in other sectors and industries.
A continuation of this innovation and subversive trend may be seen in 2018. Here are five key trends that can happen:
- Use outside of the financial sector
While the blockchain seems to have the most visible impact on the financial sector, any industry or business that needs to document and monitor transactions may benefit. In healthcare, IDC Health Insights predicts that 20% of companies will undertake projects outside of the pilot project and will implement blockchain implementation by 2020, so 2018 should see significant progress in this area.
The Recruitment and Human Resources Department has developed a blockchain resume that simplifies the selection process by verifying the candidate's qualifications and relevant experience.
Legal work involving tracking ownership transfers, such as intellectual property laws, or real estate contracts, will also increase efficiency by implementing distributed ledgers. Next year, we should expect to see innovators in the legal field turn it into reality.
At the same time, in the manufacturing and industrial sectors, blockchain research institutions including IBM, Pepsi and FedEx said that the blockchain is expected to become the "second generation" digital revolution after the development of the Internet. More prominent is the electronics manufacturer Foxconn using the blockchain to track supply chain transactions.
- Combination of blockchain and internet of things
Although this sounds like a combination of two popular concepts, we are seriously considering how to improve business processes and daily life through these two technologies.
Security is one reason why these two technologies are appropriate, and the blockchain encryption and distrust mechanisms make it a viable option to keep the number of connected devices in homes and offices growing. The research envisages that the blockchain computing power used to "dig" Bitcoin can be used to protect our smart homes and prevent a new generation of cyber thieves from seeking to crack and steal our data.
Another possible use is to build cryptocurrencies on the blockchain for automated microtransactions between machines. In addition to recording machine activity recorded and analyzed on the machine, when an organization operates an intelligent machine that interacts with other machines. And when trading, machines can effectively "pay each other". This is likely to take some time to develop, but we are likely to see research and breakthroughs in this area in 2018.
3, smart contracts will prevail
"Smart contract" is another possibility brought by the blockchain. The idea of a smart contract is that when the condition is met, the contract will be executed automatically, such as payment or delivery, or anything else in the business that is usually defined by the contract. .
Blockchains make smart contracts possible because of their consensus-driven nature. Once the agreed conditions are met, the contract is filled. This may mean paying a bonus when the goal is completed, or sending an order to your account after payment.
Insurance company AIG is piloting a blockchain smart contract system to oversee the development of complex insurance policies that require international cooperation, and we expect more companies to take action next year.
- Nationally recognized cryptocurrency?
Russia is the first country to announce the “encrypted ruble”, but it is inevitable that politicians will consider the advantages of blockchain currency in the future. After Bitcoin, it seems that people often think that the state lacks enthusiasm for this particular application, and there may be good reasons. After all, Bitcoin is conceived as creating a tradable currency that the government cannot manipulate. China has refused to allow the exchange to operate Bitcoin in its territory and issue a high-risk warning to the investment in cryptocurrency. 2018 may be the year when the government finally joined the blockchain as its potential to improve the efficiency of financial and public services became more apparent.
5, a large number of blockchain will fail
The blockchain undoubtedly has revolutionary potential. However, any revolutionary thing is risky. In the blockchain, it is mainly because there is no clear expectation and eager to achieve the goal, which may waste time.
All the techniques that are hyped (the blockchain is of course counted) are dangerous. The important thing to remember is that like artificial intelligence and big data, these are technologies that will change the world forever, but this may be a gradual the process of. Undoubtedly, all aspects of the enterprise are constantly affected and transformed by technology, but there will always be a failure at the beginning.