IF you thought cryptocurrency and blockchain technology was over when Bitcoin came plummeting down in December 2017, think again.
Today the majority of the top 50 companies in the Fortune 500 listing are getting ready to implement blockchain technology or already have integrated blockchain into their products or services.
We see the presence of blockchain use-cases, especially in the technology companies where it is often welcomed as the future of where the technology and software industry is headed..
Currently, some of the biggest disruptions in the technology space are the implementation of A.I. in the workforce, privacy in data systems, automation and decentralized computing networks.
Blockchain technology is more than just cryptocurrency. With the use of features such as Ethereum’s smart contracts, companies can form detailed reports and maintain private databases with the use of encryption that blockchains can provide.
In the future, it could be entirely possible for an A.I. workforce to operate based off a blockchain based protocol that controls the A.I.’s actions. We’ve seen this concept being implemented with IOTA’s Tangle project which some argue is an entire step up from blockchain technology.
The drive for companies to get involved in the millions of different use-case applications that can be formed with this new technology is at an all-time high.
Microsoft’s recent announcement of the Azure Blockchain Workbench will allow developers to create applications more easily by providing them with template foundations for applications to be created.
Facebook has recently made a concrete decision of moving David Marcus, the head of Facebook Messenger, to work on forming a team specifically to tackle the challenges that a decentralized blockchain may present to Facebook if their competitor’s such as Telegram, form a solution first. Facebook is well aware of the dangers of exposing their audience to unprotected data leaks.
Facebook CEO Mark Zuckerberg, is well aware of these business risks and wants to use blockchain as a viable solution.
Oracle, the world’s second-largest software company next to Microsoft, is investing heavily in the blockchain trend by introducing a blockchain-for-service platform that will provide services to their clients.
The company will provide applications that will use distributed ledger technology or formally known as DLTs. Oracle remains confident that blockchain technology will make an impact on the global economy and predicts that 10% of the Global GDP will be stored within blockchain technology by the year 2027.
The trend is clear, blockchain technology is here to stay. With it will bring innovation in numerous areas of business and it will be excited to watch it unfold. We hope you stick around and watch with us!