The Future of Blockchain in Business – Official Blockchain News & Information

In 2017, the global cryptocurrency market cap rose by over 1,600% from US$18 billion to over US$500 billion by the end of December that year.1 Cryptocurrency is underpinned by blockchain technology.2 The adoption of blockchain technology and the disruptive technology and products it supported will dramatically impact on how we do business.3

Outside of finance, blockchain technology can be used in applications ranging from business management to healthcare and communication. This is because blockchain technology is much more than a system used to facilitate the secure online transactions used in transferring cryptocurrencies from one holder to another.4 With the spotlight being shone on blockchain technology, the global economy is preparing for the blockchain revolution.5

Companies that are most likely to benefit from blockchain are those that need transparent and clear transactions, are looking to move away from paper-based legacy storage systems, and/or transmit high volumes of information.6 To keep up with this rapidly-evolving technology, you need to familiarise yourself with blockchain policy in order to understand its effects on business and the future of marketplaces and economies.

By 2020, it is predicted blockchain networks will be used in increasing numbers of large organisations, with at least a quarter of companies on Forbes’ Global 2000 list utilising blockchain services at scale.7

In essence, any industry or organisation involved in the recording and overseeing of transactions of any kind could benefit from moving its operations onto a blockchain-based platform.8 Take a look at the following predictions of how blockchain technology will begin to influence various sectors of the global landscape.

1) Finance

One area predicted to continue evolving with blockchain technology is cross-border payments. These recent developments from SWIFT, Ripple, IBM, and more are leading the transformation on this front:

When it comes to development in fintech, large banks are funding innovation to stay ahead of the blockchain revolution. Barclays’ Accelerator, a 13-week programme for startups, provides space and funding for a number of blockchain-based fintech companies.14

Below are more examples of financial innovations using blockchain technology.

2) Business

The main drivers of adopting blockchain technology in business – higher revenue, lower costs, and more efficient use of time – are why major corporations are embracing it. Examples of how blockchain is being adopted by corporate companies include:

3) Law

In law, blockchain technology can be used to create smart contracts, as well as validate ownership documents such as title deeds. In application, blockchain could improve efficiency in the criminal justice system; if law firms are given access to records on the blockchain, those records could bring new, incorruptible evidence to the fore.23

Smart contracts is an application of blockchain in the legal sector. Smart contracts are digital contracts that uphold the nature of a legal contract: an offer is made, consent is given, and value is exchanged, except – unlike traditional contracts – smart contracts automatically update as the previous steps and requirements are fulfilled.24 Unlike regular contracts, the crowdsourced verification of data or events on the blockchain doesn’t allow for tampering or inconsistencies in smart contracts.25

Some examples of smart contracts in everyday life are Follow my Vote,26 a blockchain-based voting platform that “embodies all the characteristics that a legitimate voting system requires: security, accuracy, transparency, anonymity, freedom, and fairness”.27 Voters use government IDs, a webcam, and a computer to remotely log in and cast their vote.

Smart contracts may become more useful as cryptocurrency and blockchain evolve. Currently, the technology is new and the boundaries are unknown.

4) Real Estate

Advances in real estate using blockchain technology include Deedcoin, which runs on only 1% commission and connects real estate agents with home buyers,28 and Ubiqity, which securely records property information to ensure a clean record of ownership.29

Smart contracts are also being used in the property industry to facilitate international property purchases, such as BitProperty.30

5) Logistics

When it comes to logistics and supply chain, tracking goods from source can be challenging. In the food industry, blockchain improves the efficiency of determining what food might be contaminated and from what source throughout the supply chain.31

Below are more examples of innovative logistics and supply chain-focused blockchain applications:

6) Healthcare

A study by IBM, Healthcare Rallies for Blockchain found that 16% of surveyed healthcare executives planned on implementing commercial blockchain technology in their organisations in 2017, while 56% plan to do so by 2020.36 According to Innovatemedtec, a blockchain ecosystem implemented in healthcare could have the following impact:37

Below are examples of recently implemented uses of blockchain technology in healthcare organisations.

The impact of blockchain innovation in business

The tools and platforms described are just a few examples of how blockchain technology has been applied in various industries. This highlights the implications this technology will have for businesses, trade and entire economies and how important it is for business leaders, tradespeople and decision-makers to become familiar with the technology.

So what does blockchain innovation look like for the future? We could see more governments following in Dubai’s footsteps and embracing distributed ledger technology (DLT) for their government systems.43 Emerging economies will enter an era of experimentation and explorations with regards to cryptocurrency.44 2030 could see the emergence of a blockchain identity for individuals that includes physical and virtual assets that will solve the highly-siloed, insecure identity systems we see today.45

What is certain is the ongoing maturation and strengthening of blockchain will see more value emerge across all sectors.46 Allyson Clift-Jennings, CEO of Filament, says, “The impact of distributed ledger technology may be greater than any of us realize — it has the potential to change economics, business and society, and we’re just beginning to scratch the surface of what’s possible.”

    • 1 (Dec, 2018). ‘Top 100 cryptocurrencies by market capitalization’. Retrieved from Coin Market Cap.
    • 2 Krishnan, A. (Feb, 2018). ‘24 industries that blockchain will radically transform’. Retrieved from Invest in Blockchain.
    • 3 Guzman, A. (Jan, 2018). ‘The ripple effect of cryptocurrencies’. Retrieved from Forbes.
    • 4 Guzman, A. (Jan, 2018). ‘The ripple effect of cryptocurrencies’. Retrieved from Forbes.
    • 5 Wu, J. (Sep, 2018). ‘Blockchains impact on the global economy and the role of custody’. Retrieved from HackerNoon.
    • 6 (Oct, 2017). ‘The future of blockchain in organizations and business ecosystems’. Retrieved from I-Scoop.
    • 7 (Nd). ‘The future of blockchain in organizations and business ecosystems’. Retrieved from I-Scoop.
    • 8 Kharpal, A. (Jun, 2018). ‘Everything you need to know about the blockchain’. Retrieved from CNBC.
    • 9 (Nd). Retrieved from IBM.
    • 10 (Sep, 2018). ‘IBM, SWIFT Cap x-border payments initiatives’. Retrieved from Pymnts.
    • 11 (Sep, 2018). ‘IBM, SWIFT Cap x-border payments initiatives’. Retrieved from Pymnts.
    • 12 Martin, J. (Nov, 2018). ‘MUFG, Banco Bradesco to Use Blockchain for Cross-Border Payments’. Retrieved from Bank Innovation.
    • 13 Boadu, E. (Aug, 2018). ‘Blockchain cross-border payments: the companies to watch for Q3 2018’. Retrieved from BobsGuide.
    • 14 Comm, J. (Aug, 2018). ‘The Future Of Blockchain And Its Potential Impact On Our World’. Retrieved from Forbes.
    • 15 (Nd). ‘About BitCoin Atom.’ Retrieved from BitCoin Atom.
    • 16 (Nd). ‘Services’. Retrieved from Securrency.
    • 17 (Nd). ‘Cryptocurrency investing just got easier’. Retrieved from ABRA.
    • 18 (Nd). ‘Marketplace for tokenized investment.’ Retrieved from Smart Valor.
    • 19 (Nd). ‘About Circle’. Retrieved from Circle.
    • 20 Wu, J. (Sep, 2018). ‘Blockchains impact on the global economy and the role of custody’. Retrieved from HackerNoon.
    • 21 Nash, R. (Aug, 2018). ‘Solving the cross-border need for vehicle and driver identity with blockchain’. Retrieved from IBM.
    • 22 Marr, B. (Aug, 2018). ‘The future of blockchain and its potential impact on our world’. Retrieved from Forbes.
    • 23 Altman, I. (Jun, 2018). ‘How blockchain will transform business and the law.’ Retrieved from Forbes.
    • 24 Stanley, A. (Sep, 2018). ‘Can code really be law? New report clarifies smart contract misconceptions’. Retrieved from Forbes.
    • 25 (Nd). ‘What is a smart contract?’. Retrieved from Blockchain Hub.
    • 31 Hackett, R. (Aug, 2017). ‘Walmart and 9 food giants team up on IBM blockchain plans’. Retrieved from Fortune.
    • 32 (Nd). Retrieved from IBM.
    • 35 (May, 2018). De Beers Group successfully tracks first diamonds from mine to retail on industry blockchain’. Retrieved from De Beers Group.
    • 36 Fraser, H. (Feb, 2017). ‘How blockchains can provide new benefits for healthcare’. Retrieved from IBM.
    • 39 (Nd). Retrieved from MedRec.
    • 41 (Nd). Retrieved from Gem.
    • 43 (Sep, 2018). ‘What does the future of blockchain hold? 10 predictions from tech experts’. Retrieved from Forbes.
    • 44 Mitselmakher, K. (Oct, 2018). ‘The future of blockchain technology: top 5 predictions for 2030’. Retrieved from Blockchain Expo.
    • 45 Mitselmakher, K. (Oct, 2018). ‘The future of blockchain technology: top 5 predictions for 2030’. Retrieved from Blockchain Expo.
    • 46 (Sep, 2018). ‘What does the future of blockchain hold? 10 predictions from tech experts’. Retrieved from Forbes.
    • 47 (Sep, 2018). ‘What does the future of blockchain hold? 10 predictions from tech experts’. Retrieved from Forbes.
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