Blockchain Surpassing The Digital Currency
For the support of the bitcoin, the technology named Blockchain was developed. The importance of the bitcoin is going to be exceeded than the crypto-currency. The blockchain can be basically be defined as a digital ledger which keeps all the records all the commerce information. The movement of assets can be chased by the ledger. Although, it has big drawback as build up to the data is blocked.
The network banks and companies in the supply chain market maintain traditional ledger which can be replaced by the bitcoin in this modern era. Despite this, it also offers more security to the system. This influenced technology of bitcoin has garnered a lot of interest from different sectors such as entertainment, manufacturing, finance and finance. Gilles Gravier who is an advisor at the Wipro states that there is requirement of spirit for companies to use this technology.
A New Technology and Superior Experience for Customers- Eric Piscini, Deloitte
The boosters of the block chain say that it will create a new advancement in efficiency by consolidating the logistics and reduction of intermediaries. According to analyst Gil Luria, the savings can reach to more than ten billions in trading securities in a single year. R3 which is a private consortium of around 40 institutions has started advancing the applications of block chain. Additionally, a Boston based company named as John Hancock Financial who sells life insurance and mutual funds started to observing the blockchain.
There is also an experiment going on with an airline loyalty program in which bitcoin payment system is used to reward the loyalty points. Eric Piscini who is principal at Deloitte states that it is a very different customer experience which can eventually lead to increase in revenue.
Along with this success, there are many problems associated with the blockchain such as slow speed, integration of new technology and hurdles related to the regulation.