2018 — Key Themes to Expect from Blockchain in the Next Year?
We are increasingly observing a wider range of use cases for blockchain — across small and large-scale applications and across a wide range of industries within both the public and private sector.
The growing media interest in Bitcoin (the first successfully prominent application of blockchain) has furthermore thrust Blockchain development into the spotlight. Let’s take a look at some of the key themes and applications we can expect for Blockchain through 2018.
- Blockchain of Things
This week IOTA, an innovative Internet of Things (IoT) based crypto platform, announced a partnership with Microsoft alongside 19 other prominent sector names to bring the first IoT cryptocurrency market into operation. This is the start of a key trend expected for 2018 — blockchain technology being incorporated into the growing network of IoT applications.
Blockchain has the ability to tackle one of the key hesitations in IoT development and growth — trust in the network. With enhanced transparency, accuracy and encryption blockchain opens-up channels of IoT application that may have previously been closed due to risk concerns. This partnership has the power to enhance many areas of business and every day lives of individuals.
2. Recruitment & HR
Labour is one of the most expensive resources in industry — from attracting the right people, screening out the wrong candidates and retaining the best talent. In 2018 we can also expect to see blockchain being used by HR departments to screen CVs in efforts towards streamlining and optimising the hiring selection process. Blockchain may also be applied in this area to verify qualifications and experience.
3. Smart Contracts
Blockchain has the power to incorporate smart contracts into everyday transactions — adding speedy and secure automatic verification and processing of pre-defined contracts. A core example is automatic payment transfer on delivery of goods and services. We can expect to see more smart contract applications being rolled out across potentially all industries in 2018.
4. Wider application across the financial sector
Although already taking the financial sector by storm, especially in enhancing payments transaction processing and settlements, we can expect to see even more Blockchain applications springing up in the financial sector in 2018. Specifically, a hotly anticipated growth area in 2018 is in smart contracts that have the potential to speed up processing times of credit applications and credit management considerably.
5. Legal Applications
Similarly, to the finance sector, in the majority of cases, legal work involves sensitive information. Blockchain is therefore especially useful in this industry. In addition, in 2018, we can expect to see blockchain being applied towards managing the legal side of transfer of ownership — for which the applications are far reaching — examples include intellectual property and property deeds. Distributed ledgers mean that all this data and its logging and verification can be managed more effectively.
One of the biggest growth areas of blockchain in 2018 will be supply chain management. Blockchain can be used to minimise errors in logistics and to track deliveries and transactions in the supply chain with improved accuracy, security and speed compared to previous solutions.
Overall, we can expect to see a lot more blockchain applications in 2018 — the possibilities are endless and the drive into research and development in this area is growing at an accelerating pace.
Learn how OTN is going to apply blockchain to improve your experience: https://goo.gl/aKXWzt
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