Democratizing Blockchain Beyond Bitcoin: Tech Giants To Gain
Zacks Investment Research | Mar 27, 2019 08:41AM ET
Blockchain technology in 2019 is expected to come out of the shadows of crypto currency like bitcoin. The technology is being rapidly adopted by a plethora of industries through the initiatives undertaken by tech giants.
It is well known that blockchain is much faster than legacy technologies in completing a transaction owing to the absence of manual processing or authentication by intermediaries. However, hacking issues have put blockchain’s security features under the scanner. Nevertheless, assurance of secured storage and transmission of data through a decentralized database is the most attractive feature of the technology.
Moreover, the system is transparent as well as incorruptible and meant to provide unaltered information. Since blockchain utilizes a distributed consensus, it is difficult to tamper with the records without being noticed by an entire network. These features make the system extremely secure. Additionally, the possibility of monetary losses is lowwith minimum chances of double counting and hacking.
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Originally utilized for cryptocurrency transactions, technology giants like International Business Machines (NYSE:IBM) , Microsoft (NASDAQ:MSFT) and Accenture (NYSE:ACN) are exploring various usages of blockchain to revolutionize the functioning of a number of industries. These include banking, retail, healthcare, logistics, utility and transportation among others.
The technology can be utilized to enhance smart payment systems, secure financial transactions, advance shipping and transportation, modernize government agencies and institutions as well as detect critical illnesses.
Per aOrbisresearch.com data as quoted by Reuters, blockchain technology is projectedto be used by 65% of enterprises by 2020. Further, per IDC Zacks Investment Research
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