Since the big banks are already in development of support for online currencies, I think that it’s only a matter of time before Blockchain starts to be adopted. I think the current cryptocurrencies are unfavourable to use because of their volatility and black market usage, but new currencies will arise, which will be much more suited for commercial and industrial usage.
Private Sector Trends
Besides Governmental bodies showing interest in blockchain, the next in line that will drive blockchain adoption is big private institutions. Ones that have shaped the world into what it is today. These big names will eventually encourage smaller businesses to experiment with blockchain technology.
Amazon Web Services has partnered with Kaleido to offer a full-stack blockchain enterprise platform on the cloud that integrates blockchain services with AWS services
Tencent and Huawei are leading a blockchain consortium of over 100 different Chinese companies called Fisco, which is launching its own blockchain that focuses on fast transactions while providing “observatory” nodes for government regulators and auditors
Ant Financial, the parent company of Chinese payment service Alipay, partnered with Standard Chartered, launched a blockchain-based remittance service that enables real-time money transfer between Hong Kong and the Philippines
German insurance giant Allianz confirmed that they have been testing a token for moving money between its global affiliates to reduce currency conversion costs and other inefficiencies between the units
Walmart, Kroger, Nestle, and Unilever, partnered with IBM to use Blockchain to improve food safety through enhanced supply chain tracking
Maersk partnering with IBM to develop blockchain shipping solution
UPS filing a U.S. patent application for a technology they will use blockchain to efficiently track and manage packages shipped
UN is exploring blockchain technology for climate action and sustainability. Thus, initiated Climate Chain Coalition.
These are some examples of larger companies putting in resources into researching and experimenting with blockchain technology. It is possible to think that, these blockchain-as-a-service solutions will find its way into smaller businesses. Soon, the technology might just be used by the average joe without them even knowing.
Public Sector Trends:
It seems like every week, there will be an announcement about a government is launching or supporting a blockchain initiative. It is important to note that government adoption can be seen as a validation of blockchain’s massive potential.
Here are some examples of how countries are backing blockchain technology:
Italy
The Italian government had announced the first set of regulation for Blockchain technologies. The law states that now any record on the blockchain can be deemed as legal validation. Though still needing presidential approval, this is a great move by a government to legitimize blockchain technology.
Thailand
Thailand’s National Electronics and Computer Technology Center (NECTEC), a unit of the Ministry of Science and Technology is working on an e-voting system that can be applied to several types of election. This system is currently in test mode on a smaller scale. The benefits of e-voting can be massive as voters need only internet connection to participate rather than physically being present to cast a vote.
United States of America
A bill was introduced by the Washington State Senate that encourages the development of distributed ledger and blockchain technology. The bill provides legal recognition in digital signatures and licenses, in an attempt to validate Blockchain as a cryptographically secured database.
As reported by Coindesk, the state of Wyoming has proposed a bill that would allow the issuance of tokenized stock certificates using blockchain technology. The bill aims to clarify the legality of digital assets and allow digital asset custody through banks.
Croatia
Authorities in Zagreb are looking to adopt blockchain technology and integrate it into the daily running of the state, particularly on safeguarding sensitive documents and the monitoring of business processes of local firms. Blockchain technology was cited to be used as a secure means of keeping official documents and digital certificates.
Middle East
Countries in the Middle-East, particularly Saudi Arabia and United Arab Emirates were reported to be launching an official interbank cryptocurrency. As of now, the project is at its pilot stage with not much information being given. Their goal during this experimenting phase is to better understand the implications of Blockchain technology in facilitating cross-border payments.
Singapore
Singapore has a number of instances that proudly proclaim themselves as supporters for blockchain. One, in particular, stood out for me: Owned by the Government of Singapore, Temasek Holdings and Singapore Stock Exchange have invested in a platform that allows fundraising via security token offerings. STO is essentially the tokenization of assets and Singapore is making a big statement in its stance for blockchain-based integrations.
The Singapore Public Service could also adopt blockchain to verify vendors’ track records on the Singapore Government e-procurement portal, GeBiz, tracking a public officer’s career moves and auditing processes. Project Ubin is also another notable example of Singapore involvement in adopting blockchain technology.
In my opinion is hard to foresee the mass adoption of Ethereum, we have several framework evolving mainly to reach scalability like debit and credit transaction performance from centralized world. For sure it will be one of the most popular Blockchain Frameworks if they still adopting these current strategies.
Kjell Sadowski
Since the big banks are already in development of support for online currencies, I think that it’s only a matter of time before Blockchain starts to be adopted. I think the current cryptocurrencies are unfavourable to use because of their volatility and black market usage, but new currencies will arise, which will be much more suited for commercial and industrial usage.
Linny
The technology will develop and become more user-friendly so that people don’t realize they are using it, much like TCP/IP.
Mauro Real
LInny I agree with you, as the Web that we use today the Bloclchain will be the Web 3.0 the decentralized one
Alhimik
I think it will, without any doubt.
Source of the info below:
https://hackernoon.com/blockchain-adoption-could-be-closer-than-we-think-e68bebaebca4
Private Sector Trends
Besides Governmental bodies showing interest in blockchain, the next in line that will drive blockchain adoption is big private institutions. Ones that have shaped the world into what it is today. These big names will eventually encourage smaller businesses to experiment with blockchain technology.
Amazon Web Services has partnered with Kaleido to offer a full-stack blockchain enterprise platform on the cloud that integrates blockchain services with AWS services
Tencent and Huawei are leading a blockchain consortium of over 100 different Chinese companies called Fisco, which is launching its own blockchain that focuses on fast transactions while providing “observatory” nodes for government regulators and auditors
Ant Financial, the parent company of Chinese payment service Alipay, partnered with Standard Chartered, launched a blockchain-based remittance service that enables real-time money transfer between Hong Kong and the Philippines
German insurance giant Allianz confirmed that they have been testing a token for moving money between its global affiliates to reduce currency conversion costs and other inefficiencies between the units
Walmart, Kroger, Nestle, and Unilever, partnered with IBM to use Blockchain to improve food safety through enhanced supply chain tracking
Maersk partnering with IBM to develop blockchain shipping solution
UPS filing a U.S. patent application for a technology they will use blockchain to efficiently track and manage packages shipped
UN is exploring blockchain technology for climate action and sustainability. Thus, initiated Climate Chain Coalition.
These are some examples of larger companies putting in resources into researching and experimenting with blockchain technology. It is possible to think that, these blockchain-as-a-service solutions will find its way into smaller businesses. Soon, the technology might just be used by the average joe without them even knowing.
Public Sector Trends:
It seems like every week, there will be an announcement about a government is launching or supporting a blockchain initiative. It is important to note that government adoption can be seen as a validation of blockchain’s massive potential.
Here are some examples of how countries are backing blockchain technology:
Italy
The Italian government had announced the first set of regulation for Blockchain technologies. The law states that now any record on the blockchain can be deemed as legal validation. Though still needing presidential approval, this is a great move by a government to legitimize blockchain technology.
Thailand
Thailand’s National Electronics and Computer Technology Center (NECTEC), a unit of the Ministry of Science and Technology is working on an e-voting system that can be applied to several types of election. This system is currently in test mode on a smaller scale. The benefits of e-voting can be massive as voters need only internet connection to participate rather than physically being present to cast a vote.
United States of America
A bill was introduced by the Washington State Senate that encourages the development of distributed ledger and blockchain technology. The bill provides legal recognition in digital signatures and licenses, in an attempt to validate Blockchain as a cryptographically secured database.
As reported by Coindesk, the state of Wyoming has proposed a bill that would allow the issuance of tokenized stock certificates using blockchain technology. The bill aims to clarify the legality of digital assets and allow digital asset custody through banks.
Croatia
Authorities in Zagreb are looking to adopt blockchain technology and integrate it into the daily running of the state, particularly on safeguarding sensitive documents and the monitoring of business processes of local firms. Blockchain technology was cited to be used as a secure means of keeping official documents and digital certificates.
Middle East
Countries in the Middle-East, particularly Saudi Arabia and United Arab Emirates were reported to be launching an official interbank cryptocurrency. As of now, the project is at its pilot stage with not much information being given. Their goal during this experimenting phase is to better understand the implications of Blockchain technology in facilitating cross-border payments.
Singapore
Singapore has a number of instances that proudly proclaim themselves as supporters for blockchain. One, in particular, stood out for me: Owned by the Government of Singapore, Temasek Holdings and Singapore Stock Exchange have invested in a platform that allows fundraising via security token offerings. STO is essentially the tokenization of assets and Singapore is making a big statement in its stance for blockchain-based integrations.
The Singapore Public Service could also adopt blockchain to verify vendors’ track records on the Singapore Government e-procurement portal, GeBiz, tracking a public officer’s career moves and auditing processes. Project Ubin is also another notable example of Singapore involvement in adopting blockchain technology.
Mauro Real
In my opinion is hard to foresee the mass adoption of Ethereum, we have several framework evolving mainly to reach scalability like debit and credit transaction performance from centralized world. For sure it will be one of the most popular Blockchain Frameworks if they still adopting these current strategies.