Throughout 2017, banks, financial institutions and other corporations adopted blockchain technology dramatically faster than initially expected, said Pura Cryptocurrency. In September, International Business Machine Corps. (IBM) reported that 15 percent of top global banks rolled out at least one full scale, commercial blockchain product that year, with the figure expected to increase to 65 percent by 2019. Consequently, the adoption rate is expected to rise at an even quicker pace in 2018, as more traditional institution and FinTech giants continue to find ways to implement the innovative technology into their operating procedures.
Demand for the blockchain, best known for supporting bitcoin, is growing so much that it will be one of the largest users of capacity in 2018 at more than 60 data centers rented out by IBM to other companies around the globe, said the Pura panel. As one of the first big companies to recognize the technology’s promise, IBM has contributed to an open source effort. IBM has even encouraged startups to try the blockchain on its cloud for free, creating opportunities for both small businesses and large corporations attempting to innovate. As a result the technology has garnered interest from big tech and financial multinationals alike. In early November, startup company R3 announced that it now has over 60 clients, including Microsoft and Intel, actively using its blockchain platform, also known as a distributed ledger technology, to store vast amounts of data across a network of computers around the world, rather than on one local server. In its announcement, R3 added that more than 100 banks, insurance firms, regulators and trade associations have signed on to collaborate as members, a further sign of growing acceptance.
Essentially, the blockchain enables companies and individuals doing business with each other to record transactions securely. Its strength lies in its trustworthiness, explained the Pura Cryptocurrency panel, as it is impossible to reverse or change what has been recorded. I can also hold infinitely more documents and data than traditional database storage, allowing businesses for more nuances insights and analysis. Almost six in 10 large corporations are considering using blockchain, according to a Juniper Research survey of 400 executives, managers and tech staff. The technology is increasingly being tested or used by companies including Wal Mart and Visa to streamline supply chain, speed up payments and store records. Within five years, digital distributed ledgers will be utilized by 55 percent of companies with more than 1,000 employees.
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