With the growing buzz around the Blockchain technology, we have gathered predictions of experts from different branches of the industry, on its future evolution and prospects going forward.
Blockchain and Bitcoin have become mutually inseparable, however Blockchain is much more than just a collection of records for a cryptocurrency . A Blockchain is at its core a ledger of records, which is distributed across different parties. It can only be updated with the consensus of the majority of the participants it is shared with and is inerasable.
The beauty of the Blockchain is that its applications go beyond cryptocurrency transactions . 2015 saw a lot of hype around Blockchain and its adoption by the mainstream financial services industry.
We talked with some industry experts and took their view on the evolution of the FinTech sector and integration of Blockchain as a tool in the hands of the financial sector. With the help of these experts we have compiled together some upcoming trends in Blockchain tech for 2016.
With the advent of Ethereum , there will be growing buzz in 2016 around smart contracts. Smart contracts are basically the digital equivalent of their paper peers.
Ethereum is particularly interesting in this context because the Ethereum Blockchain can contain smart contracts as account holding objects, which contain certain code functions and can interact with other existing contracts, store data or even send Ether to others. Large tech companies such as Microsoft are excited by the possibilities that this technology has opened up.
Marley Gray, Director BizDev & Strategy for Cloud + Enterprise: Blockchain at Microsoft, writes in his blog : “In Financial Services particularly, Blockchain is a major disruptor to some of their core businesses, and FinTech companies are driving innovation in this space . Ethereum is open, flexible can be customized to meet our customer’s needs […]
