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Blockchain Technology: Three Major Trends to Watch in 2018

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Blockchain is changing the way we do business.

It’s revolutionizing real estate, healthcare, and even voting for example.

In fact, the technology continues to grow in popularity as multiple industries find new uses for it.

In a report from Deloitte titled, “2018 Global Blockchain Survey,” the group highlights some of the trends well worth watching now.

No. 1 — Enterprises are Putting More Resources Behind Blockchain

Traditional enterprises are putting more resources behind the technology than they had been.  All in an effort to achieve greater efficiency and to develop new business models and revenue sources, says the report.  That means the technology is gaining wider acceptance and confidence.

“As more organizations put their human and financial resources behind blockchain and come to better realize how it can improve their business processes and their bottom lines, we expect the technology to gain significant traction, as its cost savings, competitive advantages, and ROI benefits become more pronounced.”

No. 2 – Blockchain Applications are on the Rise

For example, IBM just launched its blockchain-based ledger that will track food supply chains.  Known as IBM’s Food Trust Ledger, it will allow food retailers, suppliers and growers to see the supply chain in real-time.  This will create better transparency and a way to trace food origin and safety of food. The last thing we need is unsafe lettuce again.

No. 3 – It Plays a Big Role in Cybersecurity 

Blockchain was created to ensure the security of transactions. So it shouldn’t come as a shock that this is part of the reason for its adoption.

According to Forbes, “Typically, once data is stored on the blockchain it cannot be manipulated or changed – it is immutable. This is because of the architectural nature of blockchain structures where every block has a specific summary of the previous block in the form of a secure hash value.  Since these blocks are structured in the form of a ‘chain’ sequence, the timing, order and content of transactions cannot be manipulated. Also, these blocks cannot be replaced unless all the ‘nodes’ achieve consensus or agree with the proposed change.”

 

 

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