In recent years Bitcoin has been enriching the network in every corner, it can be said that as long as people touch the computer will know some information about Bitcoin, initially people just as a kind of government money, and then as a speculative asset. With the passage of time, Bitcoin has been developed for 8 years, at present, people have found that the real breakthrough in Bitcoin is the block chain technology, that is, the underlying technology of Bitcoin.
Block-chain technology will enable the implementation of a number of areas to be de-media. Block chain technology can also reduce the large costs and litigation costs incurred in legal proceedings. The costs generated here will be reduced to other people's profits.
Ross Alek, an innovative advisor to former U.S. Secretary of State Hillary Clinton, is an excellent visiting fellow at Johns Hopkins University. He argues that banks and financial services can significantly improve their service levels by integrating block-chain technology. One of the things he predicts in the book is happening: Goldman recently applied for a patent to create its own digital currency to settle foreign transactions and asset settlements (from issuing securities to telegraphic transfers, etc.). This is actually a high wall garden-style use of block-chain technology approach. Goldman Sachs is a typical representative of Wall Street. So seeing Goldman in this direction suggests that some trend is coming.
2017, the block chain technology has a great development. In addition to Microsoft and IBM, Oracle announced a new cloud-based block-service product in October, while SAP opened a pilot version of block-chain projects in May. These cases can show that the world's top 500 companies are now actively exploring the application of block chain technology in their business. And bolder entrepreneurs are considering how to apply the technology to smartphones and other areas.
At present, the rapid development of Bitcoin has shocked investors, but this is also mixed, but this does not undermine the current development of block chain technology. As we look at the development of Bitcoin, let us also predict what the block chain technology will do in the next time:
- Asia and the Middle East will actively promote the development of block chains
Interest in block chains continues to soar in Asia and the Middle East, with some of the largest banking institutions carrying out block-chain projects or providing services, particularly in terms of payments. For example, banks in Japan and South Korea have just begun testing block-chain technology for instant international transfers that can cut costs by nearly 30%.
2, block chain technology applied in the field of network security
With the advent of ransomware attacks, block chains and IoT technologies will be used to enhance the security of digital currency trading networks.
Although this may sound impractical, the emergence of block chain network security tools may be the next important element of the block chain. Due to some data leakage problems in main platforms such as Equifax, the current identity data system needs to be improved, so a more secure identification method based on block chain is needed. - The rise of the ICO project
In the 2017, the ICO project showed significant growth and the digital money ecosystem was expanded. In the next year, ICO will develop much faster and will surpass venture capital funds.
4, will enter the financial and insurance industry
The insurance and finance sectors are probably the two areas that require the depth of the technology to be introduced into the block chain.
Insurance will become a hot area, and the introduction of block-chain technology will enable complex claims processes (such as subrogation) to become more automated. In addition, JPMorgan will open a digital currency trading platform, - Automation, privatization coming soon
The block chain will promote the digital transformation of enterprises through automation, process digitization, real asset generation and currency and intelligent contract.
In addition, as new challenges emerge, management issues will continue to plague Bitcoin, which will drive corporate "privatisation" block chains, but will not slow the growth of core digital currencies.