Blockchain technology has reached its peak

Blockchain technology has reached its peak

Just one year ago many bloggers shared their thoughts and insights about the blockchain technology and its future. Many were sceptic, many were too op

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Just one year ago many bloggers shared their thoughts and insights about the blockchain technology and its future. Many were sceptic, many were too optimistic, despites that, Blockchain was happening and gaining popularity tantivy.

In August 2016 Gartner stated during their Hype Cycle for Emerging Technology that Blockchain has already hit the peak of its hype. Now that the year is at its end he said it’s time for a farewell. He pointed out that if everyone is joining, the party impulse is at its adge and the point of expectations may not meet the line of reality.

Amongst best advantages of Blockchain is the option it offers to decentralize transaction processes and remove essential costs for the company as payments for the middle man, stock exchanges and payment processors. News like that proliferate fast – and combined with a legend of a mythical founder – even faster.

Blockchain’s family is growing rapidly

Every day there are press releases circulating everywhere about new and new companies and financial institutions that join the blockchain tendency. The examples of that are numerous – ABN AMRO Bank develops blockchain apps in collaboration with Technical University of Delft. Among them there are many known and huge ones too. Linux Foundation develops the open source project Hyperledger / Corda managed directly by Fintech company R3 in partnership with over 70 financial institutes. Amidst there members there are BBVA, Danske Bank, Credit Suisse, ING, Royal Bank of Scotland, Scotiabank, Société Générale, State Street, U.S. Bank and Wells Fargo.

The Global Payments innovation is yet another massive international project, based on the blockchain technology which aim is towards the future cross-boarder payments and is directed by SWIFT company.

B3i is a Blockchain Insurance Industry Initiative powered by big company names such as AEGON, Allianz, Munich Re, Swiss Re, and Zurich. The project aims to discover the potential of distributed ledger technologies in order to streamline paperwork, speed up information and money flows and offer improvements as faster, easier and more secure services to their clients.

Near future may not be decentralized but most surely it will be blockchain based

At the beginning of the tendency of Blockchain it was supported mainly by open-minded and craving millennials, young professionals and innovation seekers. But during Hyperledger Hackaton event that happened last week, there were people like one of the most senior mainframe, and IMS database application maintenance of the IT department of banks as participants. This is indicative of the massive spread of the blockchain technology not only among young enterpreneurs and developers but between company seniors and proven professionals too.

However, tendencies come and go and yesterday’s COBOL supporters can now join the blockchain hackaton in order to fulfill the crucial need of a true collaborative business experience. Besides the many predictions of a decentralized future with many yet suspicious (or, at least, still not trusted by many) digital currencies, there are other predictions and insights too. Some interpreters forecast near future in easily accessible, joint-venture blockchain applications lightweighting significantly the work in the financial industry as they offer functionalities such as transparency, shorter processing times and cost reductions.