About Blockchain, Industry News and Impact Moments
2016 was mostly the year of the blockchain Proof-of-Concept. Executive boards across the world asked their CTOs, "What is a blockchain?" How does blockchain technology affect their respective business models? and How can these hypotheses be tested? 2017 will be the year of early-stage or small-production blockchain deployments. While the market saw production systems go into production in 2016, the early adopters will begin to go live in 2017, with critical masses beginning to launch in 2018. The winners in the blockchain space will understand how to splay certain use cases architected over permissioned, consortia, and public permissionless blockchain environments.
One remarkable aspect of blockchain development in 2016 was just how many different markets are looking at using the technology, from governments looking at using the blockchain to manage land records to banks looking to facilitate cross-border transactions, as well as its use for retail supply chain management, writer, artist and photographer rights and attribution, equities trading, global shipping and farm to supermarket food tracking. That’s just a small industry sample from the last quarter of 2016.
Most of these projects are still in an experimental or trial stage, but presuming the tests go well, 2017 will be the year the blockchain goes mainstream and starts to take over markets of all shapes and sizes.
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2016 Blockchain Impact Moments
• China’s e-commerce giant Alibaba made a big splash into the issue of financial transparency in July 2016 when it announced plans to use blockchain technology to track donations that are made to charities and other aid organizations using the company’s online payment platform.
• Capital One has teamed up with the startup Chain, similar to Visa; however, focusing on the health care insurance space.
• R3’s continued growth in partnership with leading banks and Hyperledger project
• South Korea eying blockchain for all things financial
• Georgia’s government issued and transfer land deeds via the blockchain
• US Government opens office on blockchain technology
• Federal Reserve Governor proposes use of blockchain technology by the central bank
• NASDAQ inches closer to full blockchain integration for equity trades, files patents