Blockchain has penetrated the market business models. It has the potential to transform industry operation models. In a study made by IBM, 15% banks said that they have plans to put blockchain into commercial production by 2017.
The world economic forum estimated that 80% of banks are actively working on blockchain projects. The Blockchain is not only indulging in finance fields but in numerous other sectors as well.
$1.4 billion has been invested globally in blockchain start-ups across various sectors and the technology is growing rapidly.
Room for Growth in Asia
Blockchain technology has grabbed the focus of most virtual currency investor’s in North America, where public financial institutions have invested in projects or start-ups related to the blockchain. There is a significant scope of growth in Asia. Virtual currency investors are putting a lot of money into blockchain technology companies and start-ups in Asia. Some new small start-up companies are already into their second or third round of funding. Small companies already starting to lead to larger investments.
More use cases arise outside Finance
Companies like Uber and Airbnb are using blockchain in their business model. These companies are disrupted industries across the board by connecting consumers with things they wanted, they are still a middleman and cut their benefits. Blockchain is capable of removing such middle men entirely. It means whoever has what someone needs to take their full dues. E.g. a new ride-sharing app that links driver with customers peer to peer using the Ethereum Blockchain. “The Achilles” heel of Uber and Lyft is their centralized management of pricing.
By decentralising the decision into the hands of driver and rider, Arcade let the driver to feel like an entrepreneur and gave power to the rider with control over the entire experience.
Arcade City ranked top in the blockchain start-up category in Berlin Awards.
Governments get on the party
In the phase of low trust amongst government and department, information must be held in a transparent place where anyone can verify the ledger and any copies of the data stored even on non-govt. computers. Countries in the world are looking at how they could mint their own digital currencies and put money on the blockchain and they are expanding exploration into other areas of government. The Government wants to save money at every turn, it is really ready to get behind the technology. Estonia has used blockchain to develop a residency programme with the help of which any person in the world can apply to become e-resident of Estonia.
Education and collaboration will get a hike
The Blockchain is a new invention, a new technology, advancement of technical science but education to the students is still the biggest challenge. There are issues around security, as we saw this year Ether was hacked. Companies cannot get to an end just by a little bump in the road. Instead, they need to learn from other companies how do they protect their data and secure them with the watch of hackers.Early adopters are going to be the one who gets the most benefit out of the technology. Organizations need to understand how they can use blockchain if they are to realize its massive potential.