27 June 2017
Three Developments to Look Out for in Blockchain this Year
Fintech Finance publishes an article by Denis Baranov, Senior Solution Architect at DataArt, where he discusses key factors that point to the maturity of blockchain as a technology. These include active use of blockchain as opposed to proof of concept, expansion of use-cases and a real interest from the regulators.
“For most of the history of blockchain it was barely, if at all, featured on regulators’ radars. However, that is now all changing. While the technology itself is not high on their agenda, the impact of it is, and is now under serious discussion in global regulators. If the regulators are interested, you know a technology’s breakthrough is close on the horizon.
As the blockchain ecosystem grows with each passing month, new and exciting uses are starting to be developed. At the Blockchain Expo one of the most interesting was the concept of “Initial Coin Offering.” This would, in effect, allow firms a new route to funding than the traditional angel and IPO route. Instead of reaching out to investors and/or floating on a stock market, tech firms can create their own crypto-currency, issued on their own blockchain and sell ‘coins’ to raise capital. Effectively, using blockchain to fund blockchain.
The discussion in the blockchain world has clearly moved on from ‘will this work?’ to ‘what can we use this for?’ Today many major firms are providing different blockchain products that are beyond the prototype phase, mostly for internal use. Within a year I expect that the products proven to work will be offered for external use.”