New Blockchain Technology Out from the dark – Alina Parker
Blockchain was supposed to bypass banks, disrupt the global financial system, and do much more. Come 2018, it became a disappointment. In 2019, Gartner reported that it is sliding into the trough of disillusionment of the hype cycle. A trough of Disillusionment highlights the waning interest of the market in technology.
Defying the odds
Gartner expects Blockchain to climb out of this trough by 2021, as with time the pragmatic use cases of new blockchain technology are rolled out. Avivah Litan, analyst and research vice president at Gartner says, “We are witnessing many developments in blockchain technology that will change the current pattern. By 2023, blockchain platforms will be scalable, interoperable, and will support smart contract portability and cross-chain functionality. They will also support trusted private transactions with the data confidentiality required.” A Statista study published in 2018 on the adoption of Blockchain also revealed similar trends.
75% of the respondents believe that by 2025, blockchain will be as omnipresent as a cloud.
The good news
Blockchain, when scaled, will take us much closer to the decentralized web, known as Web 3.0, the age of the intelligent web. It is already prompting business leaders to reimagine the way the world operates. IDC’s research manager of Customer Insights and Analysis Group, says, “With the momentum of the market shifting away from blockchain tourism, end-users will actively partner with technology vendors, service providers, regulators, and governments to widen opportunities and expand use cases for blockchain across all sectors.”
Both skills and tooling, considered as the biggest impediments in the scaling of the blockchain industry, are improving. Also, they are ramping up the investments by Venture Capitalists (VCs) in this technology. PitchBook, a financial data, and software company, shows in the first three months of 2019 itself VCs invested around $334 million in projects related to Blockchain.
Where are we today? — A look back at some headlines
Hype causes people to support something extravagantly, and even become extra cautious at times (both often more than it might be necessary).
The diminishing confidence in the tech is somewhere linked to the lack of tangible examples of its use cases. However, if you look at the right places you will find that a lot is happening in the blockchain industry. Companies are slowly and quietly investing in the tech (most of which are in the pilot phase). Similarly, many developers who flooded in the space in 2017, are still working on this tech. Some of the new blockchain technology solutions are even close to bearing fruits. Many big companies have also launched blockchain-projects. Here are some which made headlines:
* Walmart ‘s Food Trust Initiative
Walmart’s big plans to use blockchain in supply chain came to the realization when it rolled out its Food trust Initiative on January 31, 2019. The initiative leverages Blockchain as the underlying technology and it has reduced the time to track the source of bad produce from as many as 7 days to a mere 2.2 seconds.
The cryptocurrency side of Blockchain has also stirred up with the Intercontinental Exchange (ICE)’s announcement. ICE is the operator of 23 global exchanges, including NYSE. It has confirmed that it will launch the cash-settled Bitcoin (BTC) futures contract on December 9, 2019. It will be launched on Bakkt, its digital asset exchange.
* JP Morgan and Blockchain
In financial industry, JP Morgan’s Quorum Initiative is using Blockchain to eliminate time and cost out of cross border payments. This initiative works specifically for banks and as of today, it operates on over 175 banks which are on its network.
* Governments and Blockchain
Tezos became the first blockchain to be utilized for operations by public entities. The French Army is using this new blockchain technology to approve its judicial expenses via smart contracts. Furthermore, Estonia is protecting its government services’ sensitive data through blockchain. Similarly, the UK is using the tech in food safety and land registry. Dubai plans to go all gaga with blockchain usage — form visas to citizens registers and land registry.
The Future: Can you think differently?
Blockchain is new tech. If you are practicing it just for the sake of it or to have the job title on your resume, it wouldn’t make sense. You have to think in terms of what value you are providing to the businesses and world at large with the new blockchain technology. This would mean for you to reimaging experiences.
As a Blockchain professional you will be re-envisioning the future. To justify the promises held by this technology, and facilitate the potential impact it can have on how the world operates, it is important for its professionals to be well-versed with this tech. Opting for an appropriate and best blockchain certification can help you ease the path of professional development and look at the changing market opportunities differently. Given below are three globally recognized Blockchain certification bodies.
* Central Blockchain Council of America
Central Blockchain Council of America is the world leader in setting platform-neutral blockchain standards. It provides some of the most powerful, vendor-neutral blockchain certifications. Its goal is to build talent in the blockchain industry.
Oracle certifies candidates on skills and knowledge related to Oracle products and technologies. One is required to pass the exams, training and performance-based assignments.
Certifications Offered: Implementation Specialist: Oracle Payables, Oracle Receivables, and General Ledger.
Ready to look at what all can perform better if connected?