Blockchain is No Longer a Proof of Concept
With blockchain projects and groups forming worldwide in the last few years, these projects have finally moved past being simple case studies, and have become viable products to disrupt their respective industries.
Big Year Ahead
2018 is already ramping up to be a big year, with plenty of bullish predictions made in regards to Bitcoin regulation. The digital currency will also be entering the new year with a lot more users thanks to the attention-grabbing price surge that grabbed headlines all over.
Things are especially attractive in China, which has always taken a keen interest in bitcoin. If it weren’t for the strict regulations on crypto exchanges and ICO’s within the economic superpower, it would still have a massive influence on bitcoin’s volume and price similar to past years.
“There are six to 10 blockchain projects in production in China. They’re just not announcing them yet. I can assure you that blockchain is no longer in proof of concept; many projects are in production,” says Paul Sin, Deloitte’s FinTech consulting partner in Hong Kong.
Sin has proven instrumental in the country by recently helping launch the first bancassurance distributed ledger technology (DLT) platform, working alongside China Life Insurance and Guangfa Bank in Macau.
Blockchain technology expedites the whole process, making the insurance cycle quicker and less complicated.
Networks Effects of Blockchain
While not directly linked to the world of finance, this kind of process could be used by other vendors to sell products to banks through a blockchain-based market. Prime examples of the technology, include records being set in the blockchain without fear of tampering, the efficiency of the technology, as well as cost reductions of using a DLT platform will only help with international trade.
“In the past, settling commission took a very long time, with a lot of discrepancies,” iterates Sin. This system helps improve these issues and allows the product to be distributed cross-border in a more efficient way.
Blockchain technologies are proving their versatility and usefulness all over the world as groups like the Enterprise Ethereum Alliance, R3, Hyperledger, and new cryptocurrencies with dedicated foundations springing up.