People are hyped about cryptocurrencies and tokens but what about the technology that is backing up the future financial transactions? The blockchain welcoming trend is getting popular by the day. Initial coin offerings and cryptocurrencies both have made a notable dent in the financial services, lucky dent as well as damaging dent. Positive impacts help in increasing the blockchain awareness and the negative impacts help to steer clear of the misguided information about the technology.
Predictions about the technology are raising the roofs, every major industry is will to give it a try. The ever-evolving technology is producing positive results after the test run and this will be the right time for the technology to change the course of every industry on the planet. Blockchain can help in reducing cost in almost every industry and can be a vital software part in the days to come.
Technology for a better tomorrow
Tapping the unknown sources of Blockchain technology started around the year 2015, and as years have progressed the technology has become an endless path for the technical explorers. What changes can Blockchain bring to the future? Experts’ prediction is that from 2018 to 2024, there will be significant growth, as we will see more validated information from lessons learned and new use cases, better software, service providers and accurate clarity on all the hype of cryptocurrency. Maturity in regard to Blockchain adoption will kick in by 2025.
A service model
If you have noted in the past, a technology with a simpler approach can cause huge waves, the same way a simpler approach towards the technology can open many doors of entry for Blockchain. Moreover, smart contracts are can also be made as a much easier destination to approach.
This is the main reason to think about Blockchain as a service in the coming year. Tech giants have also jumped into the platform and this clearly indicates that the true potential of Blockchain as an enterprise solution is yet to be unleashed.
When financial sectors are considered there are a lot of companies who have either created their own Blockchain project or have invested a hefty amount in blockchain start-ups. Visa, for example, released its B2B connect platform earlier this year to facilitate cross-border business-to-business (B2B) payments via blockchain. And Goldman Sachs and JPMorgan are among a group of companies that have invested $32 million in enterprise blockchain startup Axoni.
It’s a platform that comprises multiple blockchain technologies and enables developers to write and execute smart contracts without spending time on deploying and managing the blockchain.
To put it in a simpler way, let us take the healthcare industry for example, where sharing patient details between various healthcare providers are vital. The application used in the system will be provided with a blockchain based gateway that can store and analyze the information from the blockchain, in the form of blockchain as a service. Thus creating smart contract templates, smart contracts can replace manual reminder work. They make sure that only the required information gets through and validations on the published information can also be obtained by using smart contracts.
The service model can either be built by the individual organisation or secure cloud-based platform can be used for the purpose. Blockchain-based start-ups are ready to support the idea by providing a cloud-based blockchain platform. The technology is still in its early days and there are more possibilities for the technology to catch up as a service in the coming years.