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Blockchain Practical Use is Gaining Popularity

06/05/2019
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  • blockchain
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The news increasingly informs about bitcoins and cryptocurrencies, but the blockchain technology is not limited to the financial sphere. It allows receiving increased reliability and resources economy at carrying out of various operations. Thus, the Central Bank of Brazil together with IBM are launching a program to identify customers of commercial banks based on Hyperledger Fabric.

Blockchain Technology for Banks

New technology has a unique property to maintain information immutability. The data recorded here cannot be faked, which guarantees security during the most diverse operations. Thus, the Central Bank of Brazil decided to use blockchain for identifying customers of commercial institutions. This was made possible by working with IBM and using its Hyperledger Fabric.

The Linux Foundation Hyperledger open source consortium project was launched by Digital Assets and IBM. It was designed for use in corporate sector and focused on high speed of transactions.

As early as June 5, Brazilian commercial banks will be able to identify users via blockchain. Nevertheless, back in May it was reported that five banks from Canada would begin to use the development of SecureKey Technologies startup for these purposes. That is, new technologies make it possible to create competition even for such giants as IBM.

Progress Slowdown in a Distributed Registry

A survey by Gartner Consulting Company showed that 90% of programs currently being under development for distributed registry technology would need to be replaced by 2021. According to Adrian Lee, the Senior Director of the company, they are now at a basic level of development and will not meet safety requirements.

A preliminary analysis showed that the transition to blockchain solutions would allow large businesses to increase capitalization by $ 200 billion by 2025.

For this reason, business is now in a kind of trap. There are former technologies that work relatively well; there is blockchain, which has the potential to bring significant dividends, and there is an admission of fact that the distributed registry is not fully understood. Those developments that now seem revolutionary may become outdated in years ahead. Only the support of scientific research in this area will be able to solve the problem, however, we are already talking about competition on the national scale.

Fight for Technology Development

A group of US senators and members of Congress wrote a message to the American President Administration. They recommend adding blockchain to the list of developing technology. This will allow establishing interaction between the government and business in this direction.

According to the legislators, the United States will be able to maintain its leadership in the technological field only if there is more serious support for developments in blockchain sphere.

At the present time, there is no doubt that many technological solutions in crypto encryption sphere began to come from Asia. Against the background of US-China trade war, blockchain as a technology and cryptocurrency as a financial asset could become a very significant argument. Moreover, the one who first opens up the potential has every chance to win this confrontation.

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