Future Opportunities of Blockchain Technology Is Promising With Permissioned AccessJuly 26, 2018
The segment and the region of the market that will drive the cryptocurrency market is being deeply analyzed. If a particular segment is proven to drive the market growth of cryptocurrency, the reasons for why a particular segment is getting increasingly interested in using cryptocurrency should as well be studied. The pattern of market growth in 5 years from now and the resultant market forecast for a short term of one year is also particularly important.
The fact that the block chain technology eliminates the need for third party middlemen in the form of regulators is a major market driver for this financial transaction process. The public ledger and the immutability of the ledger is also a major driving factor. The transaction costs are too low. Trade confirmations take place via smart contracts. For instance, Xinfin’s hybrid blockchain Protocol provides with the multisig XDC wallet as a tool, which is a convincing tool already for multicurrency operations particularly useful for banks and financial institutions. This wallet is a complete banking tool in itself.
While it is attractive to work without regulators in a highly secure system of immutable records free from probable manipulation, the fact that there are no regulators there can bring in legal challenges with respect to the no regulators situation. Lack of audits and trade verifications can lead to lot of questions. The need to implement regulatory inspections cannot be done away with. Several technologies should be developed to link digital data to physical products. Current technology is very slow, the number of transactions that can be processed per second is happening in very low capacity and this needs to be improved.
Blockchain is set to influence the way in which traders will trade in stock markets. Several inefficiencies will be eliminated due to the automation process. Liquidity and investment will be greatly increased because people who might not be able to access this market due to cost hurdles will be able to participate in these transactions. Permissioned networking will facilitate widespread acceptance of this technology for smaller transactions at the level of individuals. The incentive to participate in this transaction gets better with permissioned access systems.
The major participants in the blockchain technology market are giant corporations like “Microsoft, Corporation, Deloitte, Ibm Corporation, Alphapoint, Chain, Inc, Blockchain Tech Ltd, Bitfury, Ripple, Digitalx Ltd, Coinbase, and Intelligenz.” Therefore, it is very clear that the blockchain technology is going to achieve resilience and main stream exposure in the market very soon.
Key Sustainability Strategies
This technology can be used in several post trade activities, eventually eliminating the need for having to deal with intermediaries. Real time settlement from financial companies can happen in minutes. Increasing numbers of firms are accepting cryptocurrency. Potential numbers of buyers and sellers in this currency is set to increase. The fact that pricing can be tracked in every stage of the chain can help understand how, when and where the transactions were produced and processed allowing for wholesome traceability of the records.
Blockchain technology whether public, private or hybrid is a promising technology as it can be applied in many areas like money transfer, electricity sector, insurance sector, supply chains, smart contracts, health care management and more. There is a healthy growth rate with a CAGR of 48.3 reported for this industry. With increasing numbers of government authorities, healthcare operators, automotive industry giants, energy corporations and even public becoming players in this market, future is bright for cryptocurrency.
Learn more about Xinfin: xinfin.org