Blockchain Has Potential Outside of Finance, Creates New IT Infrastructure
A wide range of businesses can implement the blockchain technology to reduce costs allocated to the maintenance of databases, servers and human labor for data verification.
IDATE DigiWorld, a prominent technology consulting and research firm, has released the report “Blockchain - A New IT Infrastructure” on the Research and Markets platform to help large corporations and organizations implement the Blockchain technology.
Since early 2015, analysts and research firms, including Greenwich Associates, estimated that nearly $1 bln is allocated in the development and implementation of the Blockchain technology. Yet, banks and financial institutions are struggling to demonstrate its single working commercial application.
In its research, IDATE DigiWorld interviewed some of the leading Blockchain and Bitcoin companies in the FinTech and financial industries, including Abra, Coinbase, BitFury among many others. The research firm also collaborated with multi-billion dollar banking groups such as Barclays, to provide insight into corporations whom are in the progress of Blockchain implementation.
Primarily, the research targeted variants and limitations of the Blockchain technology and the reason behind the failure of banks to implement it. Essentially, banks and financial institutions are disallowed from running decentralized applications or Blockchain systems due to current financial regulations in place.
The other solution, which is to implement a permissioned ledger or a centralized Blockchain, is also highly impractical and virtually impossible to integrate due to the severe security concerns and consequences it could lead to.
Thus, research firms like IDATE DigiWorld are beginning to target enterprise-grade clients and large corporations outside of the realm of finance to integrate the Blockchain technology.
Example of Walmart
Cointelegraph reported that Walmart is attempting to utilize the Blockchain technology to facilitate the delivery, identification and verification of its food products. A Walmart executive confirmed that once the retail giant successfully tests its Blockchain system, it could lead to the world’s largest implementation of the Blockchain technology to date.
Such optimistic and positive initiatives from the retail and technology industries are pushing research firms and Blockchain startups to continue to seek for alternative methods of integrating the technology.
By leveraging the unprecedented security measures of a decentralized Blockchain network, IDATE DigiWorld states that a wide range of businesses can implement the Blockchain technology to reduce costs allocated to the maintenance of databases, servers and human labor for data verification.