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Blockchain is still a mystery to many. Many know that it’s the algorithm behind Bitcoin and other cryptocurrencies, but why is there so much hype around it and what do people plan to do with it?
There are a lot of businesses looking into blockchain to see what they can do with it. A recent survey of companies that are investigating it cite the following reasons for their interest:
- Security traceability (50%)
- Distributed data storage, identity authentication, shared data & application, supply chain (20%)
About half of the businesses investigating blockchain are using their own in-house research teams. About 30 percent are jointly working with a blockchain startup and another 13 percent are teaming with large well-known companies.
Sunny Lu, CEO of VeChain, said that “blockchain’s tamper-resistant and distributed data storage features enable us to improve traceability and transparency for logistics and supply chain management. These characteristics will be put to use in optimizing business transactions and trade relations. With people’s increasing awareness and knowledge of blockchain, ‘killer’ applications are sure to emerge, and initially these are most likely to occur outside of the financial sector.”
Those companies that make early investments will have a head start over others. Chun Yin Cheung, Partner at PwC China, said that “a great many more enterprises will begin using blockchain when the technology is supported by comprehensive policy. When policy is established, enterprises that have already applied blockchain will have made substantial headway, and will stand to reap the benefits.”