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Bitcoin and crypto-currency prices may be crashing as government move to reign in their use. But the blockchain technology that underlies those currencies is expected to have a huge impact on numerous industries over the next few years.
IDC forecasts that as many as one-quarter of Global 2000 companies will be using blockchain as a way to enforce some type of digital trust by 2021. The types of applications that companies are investigating include management of ownership records, tracking of movement of goods, settlements, and smart contracts.
Blockchain is an important technology, but the concept of just how to use it and best apply it is still something being studied. But it’s not that people aren’t trying. There is a huge amount of interest around Blockchain. For example, in 2017, Deloitte found that more than 86,000 blockchain-related projects were started on Github. 9300 of those projects were sponsored by companies and research institutions. The sad thing is though that only 8 percent of the projects are actively maintained, and most are abandoned after about one year.