Are you still wondering to adopt blockchain? Then move fast because blockchain is already set to change how the technology works!
From disrupting the bank transfers and International remittances to the handling of medical records, the shared ledger technology has become the hotspot for business transactions and innovations. But before we get into more of its implications on businesses, let's discuss more on its technology front and how it works.
Imagine a shared document that is duplicated hundreds or thousands of times across a network of computers and allows to add information to it in realtime. Now imagine that this network regularly updates or reconciles this document every 10 minutes updating the document on each computer it is shared with. This is how the blockchain works.
The blockchain database is a distributed ledger hosted by millions of computers simultaneously making it public ad verifiable which is continually reconciled.
Now blockchain technology holds ground to transform how any business transacts but the industries like Banking and Healthcare are most likely to embrace in near future.
Blockchain technology is now been adopted by the mainstream financial institutions. It's amazing to see how fast Ripple blockchain technology has been adopted by 11 of the world’s largest financial institutions including the likes of Bank of America, Credit Agricole, Mizuho Financial Group and Santander. We are also seeing institutions like J P Morgan getting into blockchain technology by developing its own Ethereum based platform called Quorum. 2018 definitely looks exciting to us with the blockchain adoption per se but it will be quite interesting to see whether smaller regional systems mushrooming to serve local markets or seeing them consolidating under more universal worldwide blockchain.
The volume of data managed in healthcare sector is humongous. All the data pertaining to any patient including medical tests, reports and results have to maintained precisely and securely. And blockchain technology stands out as an answer to manage these complex data systems.
The opportunity lies in creating medical blockchains that are shared within the medical community. This shared information offers benefits to patients and healthcare providers through access and exchange of crucial medical problems and their practiced solutions.
The fields like Smart contracts, Governance, IoT, IP Protection and stock trading are also expected to see the applications of blockchain technology which is finding new applications by the minute. The market applications of blockchain technology and distributed ledger solutions are poised to grow by leaps and bounds and would require major skillset to smartly capture the essence of distribution and pull it off.
At AgileAxis, we offer out-of-the-box solutions to hire killer resources specific to your requirements in emerging technologies such as blockchain. We are custom hiring specialists and our expertise in shared documents, cloud, real estate, healthcare and fintech technologies further enable us to innovate across a multitude of industries.
Please reach out to us at firstname.lastname@example.org to setup a 15 minutes free consultation on onboarding a high performing team for your business requirements.