There will be few that will argue against the evolution of blockchain technology and the anticipated benefits of blockchain to the real world, with a broad spectrum of industries testing blockchain technology in a bid to take advantage of the technology that most believe will deliver, not only efficiency gains across multiple industries, but deliver much needed transparency and data protection that has been lacking for many years.
Social media platforms, media companies, financial institutions and more have all been victims of identity theft and in some cases, the likes of Sony and Facebook springing to mind, the outcomes have been somewhat embarrassing to the industry moguls and to the shareholders who ultimately pay the price.
Scalability, data protection, and cost-effectiveness are certain words that most would consider when exploring advancements in a particular business and blockchain technology and the continued advancements certainly deliver on all three counts.
Some hesitation in adoption has been apparent across a number of industries, while others have been incorporated into everyday practices with ease, Ripple’s various cross-border payment platforms being one and the degree of success may have as much to do with a team’s ability to appropriately position the technology, enabling the right industries to explore and ultimately adopt.
As time passes, more testing is underway, with multinationals even looking to enter partnerships to develop need specific blockchain technology that further reinforces the positive outlook for the technology developed and rolled out in the wake of the Global Financial Crisis.
While the news wires have been relatively silent on the cryptocurrency front, it’s been a very different story on the blockchain front, with Central Banks, financial institutions, logistics and trade companies, gaming sites, media, and entertainment organizations and e-commerce platforms, to name but a few, busy behind the scenes developing and beta testing technology with the sole intention to adapt and move forward.
Why the euphoria?
Simply put, it’s a case of cutting out the middleman, generating fees without the cream being taken off the top, which should ultimately translate into wide profit margins, for some at least.
White papers of the more successful blockchain launches have not fallen short in highlighting the shortcomings of industry practices and so, the only thing that remains is for the right people to be in the right place to deliver on the promise of what the white papers contain.
The blockchain revolution has started and it’s not going to end any time soon.