Crypto currencies are hot stuff among digitalization evangelists lately, and savvy organizations are coming to realize that there is more to Bitcoin than hype – it's called blockchain.
A roller coaster ride of crypto prices on worldwide markets has shifted the focus of investors, and even average savers, to digital currencies such as Bitcoin or Ripple. But it is the technology behind the crypto currencies – blockchain – that is now grabbing the attention of companies, governments and legislators.
Blockchain has the potential to revolutionize payments by making them faster, cheaper and safer. It also allows companies and public institutions to work more efficiently – and enable safer digital microservices. So what is needed to progress on blockchain and make it a reality? We are at the very early stages – but everyone is already actively experimenting. Many firms are still evaluating the technology and developing application scenarios.
Some are already productive: German KfW Development Bank is actively exploring how to use blockchain for financial resources in African countries, as the technology can provide full visibility and traceability of their resources. The public sector is experimenting at different levels. The US Department of Homeland Security is using blockchain for advanced analytics to quickly resolve identity issues and protect national security. The Registry Authority in Sweden uses blockchain and smart contract technology for a property purchase system; its goal is to evaluate the technology from a legal, business and IT perspective.
As you can see, blockchain is far more than just the technology for Bitcoin. It can be the gateway to safer and leaner processes in every industry. The blockchain landscape is changing very fast and regulators are beginning to take notice too. This is of course a fundamental requirement if blockchain technology should be the backbone of digital services used every day by customers and citizens. Fast deployment and implementation times can be guaranteed if legal certainty is provided by a transparent framework of rules for companies and institutions alike.
Blockchain innovations will enable enterprise capabilities never before seen – and will create use cases and growth markets for every company, underpinned by digital economy. Let’s benefit from the hype and create awareness for unique technologies like blockchain.