Blockchain technology continues to make headlines across the web. We are still in the early days though and the experts agree. “We’re still in the little by little phase but I anticipate progress will compound in the coming decades and we’ll see ubiquity of these technologies in 20 years’ time.” says the CEO of Blockchain.
Exciting times lie ahead indeed.
Read the beginners guide to Blockchain Technology here.
We’re seeing the big consultancy firms talk about it and the big media talk about it. We’re also hearing rumours and confirmed reports of partnerships with long standing corporations and blockchain startups.
Although Bitcoin, with it’s continuous run for the all time highs is on everybody’s lips, there is still a lot happening in the blockchain world. So let’s take a look at what else the web is talking about.
“(Blockchain) technology…could eventually help big banks eliminate paper contracts, do away with clearinghouses, secure digital systems from cyberattacks, and quickly settle transactions—changes that could save such institutions hundreds of millions of dollars each year.” – source
“Companies and banks, in short, have yet to scratch the surface of trade finance’s potential. Unlocking it could reduce friction in international commerce, broaden the distribution of the gains from trade, and encourage higher economic growth. It is here that blockchain has a role to play.” – source
A look into the future
“Blockchain and AI “are gaining traction and broader acceptance by consumers globally. That said, the thing about real transformation is that it happens little by little and then all at once,” Smith says. “We’re still in the little by little phase but I anticipate progress will compound in the coming decades and we’ll see ubiquity of these technologies in 20 years’ time.” –
“It is believed that blockchain technology can radically transform the mortgage industry. It can be applied to different stages of the mortgage process—right from record keeping, thereby creating an immutable database of ownership, transfers, as well as property valuations.
Once such a decentralized database is created, it can facilitate transfer of loans from one lender to another—by removing any ambiguity regarding information. Further, the use of smart contracts can help to speed up settlements.
All of this would reduce due diligence, review time and thus the audit and compliance burden—translating into leaner expenses.” – source
Blockchain adoption worldwide
Russia is increasingly seeking to fit blockchain into some framework and while the authorities are still mulling how to adapt the laws to this new technology, the Federal Agency on Technical Regulating and Metrology (also known as Rosstandart) has made some steps towards establishing standards for distributed ledger technologies (DLT) and blockchain. – Source
Big corps and blockchain
“The Stratis platform, combined with Azure, will allow corporations to rapidly deploy blockchain nodes to support their decentralized applications. The Stratis Platform is an end-to-end solution to develop, test and deploy blockchain-based applications for the Microsoft .Net framework, utilizing the Stratis platform capabilities on top of Microsoft Azure and Microsoft’s development environment” – source
“Microsoft and Intel have come together to form what they call the “Coco Framework,” which offers enterprises the performance, confidentiality, governance, and required processing power they would seek before trusting their assets and data to an unseen, commonly shared platform.” – source
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