How blockchain applications will evolve this year

How blockchain applications will evolve this year

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During the last couple of months, the popularity of blockchain technology has grown considerably, with numerous financial institutions and technology companies actively researching ways in which the blockchain network could be implemented to increase security and speed while decreasing the costs associated with the services being offered.

Numerous advancements in the public ledger technology carried out in the year of 2016 have brought the blockchain more popularity, and interest from investors. A good number of analysts have determined that 2017 will likely be the year of the blockchain, with actual, large scale implementations being made this year.

Therefore, this year, we can expect several improvements when it comes down to blockchain technology. To kick things off, it is important to note that continuous research, alongside with a greater understanding of how the public ledger works will allow it to be implemented for new uses as well, in a wide variety of possible applications apart from financial programs. A relevant example in this direction is a recent development meant to implement blockchain to take care of ride sharing transactions, which both drivers and passengers could handle directly, thus removing the need of an intermediary or third party to take care of the transactions. There’ve also been numerous discussions on using the blockchain for music streaming service, as such an implementation could potentially allow artists and producers to decide how their music is being used, and who has access to it.

While numerous advancements are bound to be made within the next couple of months, it is worth pointing out that this will also likely lead to regulatory issues that will be handled through the new regulatory framework. With this in mind, governments will likely develop new sets of regulations that companies employing blockchain technologies will need to follow in order to ensure transparency and the safety of their users. The chances of government opposing blockchain-based technology are fairly low, considering the fact that it does not represent a thread in any form, but rather a solution meant to reduce costs, and save more money, for both countries and companies operating within them.

Based on everything that has been outlined so far, what do you personally think about the possible advancements in blockchain technology set for this year? Let us know your thoughts in the comment section below.

 

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