The Blockchain Invention is Solving the Long-Standing Problems
Blockchain, a new type of disruptive technology is attempting to solve & tackle problems for several industries amid its ability to store and transact a significant amount of data without any leakage and delay. Although blockchain technology is usually related to cryptocurrencies, the technology provides us with long-standing issues in financial, retail and social media industries.
A distributed ledger for instance, is designed to collect and keep a huge amount of record that a crowd maintains and overseas, instead of depending on any single entity - which mostly hosts data on a server.
The oxcert protocol, for instance, provides a structure for developers to create authoritative decentralized apps - which enable users to effortlessly validate and supervise their digital assets (including ID, photos, original content, university degree, or other important documents) on the blockchain. Distributed ledgers or blockchain technology can really help peoples with assembling and verifying every type of information and data, including news and other content they share online.
Enterprises Are Aggressively Adopting Blockchain Technology
Blockchain technology has already begun modernizing small to large scale enterprises as the web has revolutionized within the last 20 years.
The financial sector is taking the leading role. Payment services firms and banks have formally adopted blockchain technologies for domestic and international transactions.
Ripple's blockchain technology (Ripple Net) is gaining substantial appreciation from the financial sector; almost 100 banks all over the world have selected its x-Current product for improving their transaction time and processing fee. Indeed, many Central Banks proclaimed collaboration with Ripple for simplifying their internal and external transactions.
Social media is one of the fastest growing industries and it turned out to be the second biggest beneficiary of the distributed ledgers technology. This is because businesses and companies are now depending on social media for their business expansion and marketing activities. According to market reports, almost 68% of adults in the U.S. are using social media for different purposes. The massive amount of activity brings a lot of data, which increases the risk of breach of data. Users are also worried about the authenticity of content, content monetization, access to content and privacy data security.
Facebook, for instance, has been struggling to convince users about their data security following the recent scandals that third parties illegally used users' data during election campaigns in the UK and US.
Consequently, Facebook has assigned several key Facebook team members to explore the best uses Blockchain across Facebook. The company has also recently announced several new hiring’s related to its blockchain projects. Indeed, reports are suggesting that the largest social media company is planning to launch their own crypto coin.
The New York Times reported, "The company is working on a coin that users of WhatsApp, which Facebook owns, could send to friends and family instantly, said five people briefed on the effort who spoke on the condition of anonymity because of confidentiality agreements."
Blockchain Investments Likely to Increase at Substantial Rate
According to a report from International Data Corporation investments from retail investors and big corporations in blockchain technology are projected to grow 75% annually through 2022. The vice president for the International Data Corporation Jessica Goepfert is extremely optimistic about the future of blockchain technology.
She said "We continue to see the greatest spending and growth for blockchain around lot lineage and asset and goods management ... Manufacturers want to ensure products arrive where they are supposed to arrive. Retailers and wholesalers seek assurance around the validity and quality of the products they are selling. And consumers are demanding greater transparency from providers."