The IEEE Computer Society team
With the global optimism surrounding the blockchain, many companies are considering whether it is a practical, necessary competitive tool in their specific industry and business. As a fixed, transparent registry system, the blockchain is causing excitement in multilateral applications outside of cryptocurrency – such as voting records, property transactions, intellectual property, luxury goods, smart contracts, government identification, and more. Early enthusiasts believe that the blockchain has the potential to revolutionize many industries such as trade, politics, government, healthcare, manufacturing, food, retail and others, and it is believed that the blockchain can increase world GDP by $ 1.76 trillion by 2030
Want more technical news? Subscribe to ComputingEdge Newsletter today!
S rapid growth of the expected 85.9%, a future world built on blockchain offers promises of transparency, autonomy, security and automation, but experts warn against potential untested advertising. While a study by Deloitte claims 96% of financial services experts we believe that the blockchain has achieved mass acceptance, has a long way to go to confirm its reality and comes with concerns about negative effects on the environment, security concerns and high energy consumption. Blockchain skeptics point to unlikely long-term consumer acceptance, and companies are illogically in a hurry to solve all blockchain problems. For a blockchain to succeed, widespread acceptance is not only necessary but also critical, especially in industries such as finance, where interconnectedness is key. Despite these inherent challenges, companies are prepared for the blockchain revolution and are rapidly developing their own innovations.
Read “To Blockchain or Not to Blockchain: That’s the Question” at IEEE IT Professional to learn more about the real-life application of blockchain in the insurance industry. Blockchain can potentially improve efficiency, security, transparency and optimize manual processes for insurance companies. Is this the answer to modernizing an outdated industry, creating a positive customer experience and lowering operating costs, or is it a risky, long-term investment designed not to live up to expectations?