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Four Trends that Blockchain will Dominate in Emerging Tech in 2019

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Four Trends that Blockchain will Dominate in Emerging Tech in 2019

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  1. Four Trends that Blockchain will Dominate in Emerging Tech in 2019 Source:CNN

  2. Post the financial crisis in 2018, Bitcoin came into existence and gained a lot of prominence gradually. While the mainstream viability of cryptocurrency is still speculative, Blockchain has emerged to be one of the prime technologies and is expected to do big things – solve problems and open a plethora of opportunities across industries. As people realize its wide applications day by day, Blockchain continues to grow in popularity.

  3. Looking at the year gone by, here are some key observations on how Blockchain fared and what it is expected to change for organizations.

  4. Traditional Companies Looking into Blockchain Technology

  5. We see more and more companies using this cutting-edge technology or are in the process of implementing it given its myriad applications. Organizations are now building capabilities that are needed to push blockchain into mainstream adoption. Industries that are seeing an increased adoption of Blockchain are Banking, Financial services, insurance, supply chain management, healthcare, e-commerce, gaming and academics. • The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has launched a pilot Global Payment Initiative (GPI) service to join the growing blockchain and fintech services.

  6. Cost reduction and process simplification are strategic values that blockchain brings to the table. We’ve seen the adoption of blockchain in payments, remittances, provenance, and traceability in the early days which is consistent with the expected returns. While there are applications of blockchain that promise to deliver topline advantage to firms, in 2018 and 2019 leaders are expected to continue adoption of cases with clear bottom-line benefits.

  7. Real-World Use Cases of Blockchain Technology Beyond Financial Transactions

  8. We are also now seeing some real use cases or proof of concepts being rolled out in other industries. To name a few topline benefits, Blockchain helps prevents perjury in supply chain management as it allows the record of transactions to be maintained in the form of an immutable ledger. Picking on it various advantages, an Australian truck and transport insurance company National Transport Insurance (NTI) has launched a pilot program to deploy blockchain technology for end-to-end tracking of Australian beef exports.

  9. Cost reduction and process simplification are strategic values that blockchain brings to the table. We’ve seen the adoption of blockchain in payments, remittances, provenance, and traceability in the early days which is consistent with the expected returns. While there are applications of blockchain that promise to deliver topline advantage to firms, in 2018 and 2019 leaders are expected to continue adoption of cases with clear bottom-line benefits.

  10. Real-World Use Cases of Blockchain Technology Beyond Financial Transactions

  11. We are also now seeing some real use cases or proof of concepts being rolled out in other industries. To name a few topline benefits, Blockchain helps prevents perjury in supply chain management as it allows the record of transactions to be maintained in the form of an immutable ledger. Picking on it various advantages, an Australian truck and transport insurance company National Transport Insurance (NTI) has launched a pilot program to deploy blockchain technology for end-to-end tracking of Australian beef exports.

  12. Blockchain enables secured transactions as it is encrypted and hence it is a great alternative in areas such as identity management. With its array of benefits, it is safe to say that it will be instrumental in trade, fraud detection, policy management in insurance, Government and public sector as well as food safety and provenance in agriculture.

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