The crypto market is witnessing an unparalleled queue of investments across diverse sectors, and the buzz concerning blockchain is accentuating with newer and advanced technological innovation. As a result of this trend, waves are being created in the financial sector. These are the waves of innovation and change as blockchain technology introduces a new financial segment with decentralization as its USP.
Therefore, it will not be an understatement to quote that digital assets have levelled up in terms of safety and independence like never before. Existing and new users are empowered to fill in entries in the blockchain model for amendments and control by an entire community rather than a centralized authority. Under the blockchain model, number of transactional records are represented in ‘block forms’ with an immutable ledger getting linked together coupled with the “chain” component via a hash function.
The Revolutions of Financial Sector Under Blockchain: A New Dawn
· Expectations We Can Keep from Blockchain Technology In 2018
$2.1 billion is expected to be spent on blockchain solutions in 2018 as enterprises leap towards full blockchain deployments from proof-of-concept projects. This has also added inertia to a steady hike in LinkedIn job postings which increased by three times recently. Smart contracts acting as productivity multipliers for enterprises will allow voting across the network for dispute settlement in the days to come.
· Biggest Blockchain Solutions We Need to Look Out For
Sofocle has been striving to bring about revolutionary blockchain concepts which can be of great help in solving real-world business problems. Backed by a group of efficient coders, who can convert complex sequence and transactions into codes, the end products come paired with block and hashing references as well as cryptographic identity, which add to its security. Sofocle, the winner of Fintech Valley Blockchain Startup Challenge 2017- Vizag has been ensuring authenticity of transactions in the fields of insurance, finance, manufacturing, healthcare and logistics. Let us now take a look at the top-ranked blockchain solutions, which has been garnering user interest off late:
SofoCap — This blockchain solution will assist enterprises in eliminating all manual processes which are infamous for hiking up the cost and complexity level. In comparison to the ancient Letter of Credit method, Supply Chain Financing will bring under its radar new trade finance instruments such as payables financing, reverse factoring and dynamic discounting. Global honcho IBM has teamed up with Indian and Chinese companies to work on similar solutions.
SofoChain — Working on the concept of capture and storage of physical assets in a Digital Passport format, SofoChain has been designed to mitigate the issues which might arise in regards to global supply chain. It is expected to eliminate redundancies, optimize production and foster efficient usage of resources through tokenization of physical ID. A blockchain based electronic shipping system was jointly announced by IBM and Maersk in January for tracking international cargo and digitizing supply chain on a real time basis.
SofoInsure — Blockchain has been evolving as a central repository of insurance industry for guaranteeing complete information transparency in claims processing, underwriting and client on-boarding. A Smart Contract is created for autonomous execution and drastic reduction in operational cost which is associated with collection and storage of documents as well as processing of claims in traditional setups.
Blockchain Development — Proof of Concept applications are being developed for validating the navigational experience through mock-ups. The main focus remains on blockchain application for demonstrating the idea to potential users. Decentralized applications are being developed for using permissioned blockchains such as Multichain and HyperLeger Fabric for catering to Healthcare, Finance, Manufacturing and Retail sector.
Blockchain Consulting — Companies are learning more about specific business challenges and leveraging on the dynamic power of blockchain for solving the same. Once the degree of adeptness is determined, a mutual level of understanding is arrived at for initiating solution designing and demonstration of POC at full-scale production.
Conclusion: Although blockchain is primarily believed to be associated with cryptocurrency, it encompasses a wider field which is growing in scale with each passing moment. The biggest USP of blockchain remains in the fact that it becomes impossible to steal or corrupt vital data given its decentralized storage. A hacker would have to break into every single network ledger simultaneously before attacking a block which in itself is a utopian reality. Coupled with such attributes, the B2B participation is expected to increase in 2018 with companies such as Amazon and Google having channelled their investment already towards the blockchain horizon.