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August 28, 2018

Blockchain Trends You Should Know

Ever since blockchain emerged as an important and disruptive driver in the financial sector, a lot of people have so far invested in virtual currencies being driven by this piece of technology. Ask a neighbor about his BitCoin portfolio, and you shouldn’t be surprised if it has reached tens of thousands of dollars in value.

At present, BitCoin’s value still lies in volatile straits, meaning prices can go up or down in drastic extremes in the span of just a few days. Although this volatility has urged governments to step in and flex their regulatory thumbs on BitCoin and blockchain technology altogether, people are still placing their good money on the cryptocurrency.

However, it’s worth mentioning that demand in the BitCoin market has grown sluggish these past months. A Gallup survey has pointed out that the market remains bearish, with most investors playing safe given the volatility of cryptocurrencies, and we’re not just talking about BitCoin here either. With that being said, people will be exploring blockchain technology outside the dimensions of cryptocurrencies. But for those wants to stay along for the ride, it pays to use sites like The Coin Offering as a means to stay informed of performances across the world’s most popular cryptocurrencies at the moment.

In the meantime, five trends are taking hold of blockchain technology, and it’s important for people — from businesses to private individuals — to know how to leverage the technology in other useful ways.

Transparency in the supply chain

Businesses that ship products across geographic borders are still struggling with keeping their global supply chains as transparent as possible. One thing’s for sure, issues such as inefficiency in the tracking of shipments as well as international compliance to shipping standards are best addressed using supply chain management systems. Using blockchain technology, companies can keep track of shipments in real time, as well as allowing them to process purchase orders and invoices seamlessly.

Verified identities

A prevalent problem in social media is the fact that it is populated by bots that can affect the bottom lines of most businesses. With that being said, blockchain technology can be beneficial for businesses that want to engage with verified accounts through platforms such as Facebook and Twitter.

Smart contracts, which are driven by blockchain technology, will be at the forefront of this development. Using digital contracts, businesses can keep accurate records of users that transact a purchase or any action that results in revenue. What’s more, smart contracts can shorten the transaction period, making it a viable solution for businesses in the real estate as well as the financial services sectors.

Business workflow efficiency

No doubt, cloud computing has provided a range of valuable advantages to businesses seeking to improve the way their employees produce their outputs. With blockchain’s ability to provide immediate collaboration, we can expect both of these technologies to impact the way businesses operate.

If anything, blockchain can make virtual workspaces possible considering the real-time interactivity it offers. In terms of security, blockchain will definitely deliver on the features that cloud computing cannot considering its limited capacity.

The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters.

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Item Reviewed: Blockchain Trends You Should Know Rating: 5 Reviewed By: EconMatters