BLOCK CHAIN TECHNOLOGY – 2016 – A PATH BREAKING YEAR TECHNOLOGY
Blockchain Technology has immense potential and its research & development can open possibilities transforming the present internet of information to internet of value. With distributed ledger being being peer to peer, permanent & immutable having been established the challenge is it make is happen in various spheres of our financial and economic life. 2016 would be the watershed year in a technology which at best would be as internet was in its nascent years around 1995.
This year defied major assumptions. The first announcement from any Central Bank, Bank of England, consented to consider the impact of using Blockchain Technology as a part of UK’s settlement system. It gave up the fear of disruptive technology and decided to capitalize on it. Bank of Japan, European Central Bank and US Federal Reserve have also realized the likely fruits emanating out of research in this technology.
IBM, which holds the record of maximum patents awarded this year, 23rd year in a row, has a strategy in place to use Blockchain Technology for the delivery of its cloud based solutions. It’s ambitious plan incorporates using IBM zSystems, Watson Internet of Things and Bluemix Garage into Blockchain – as – a – service (BaaS) offering. A bold step indeed but certainly in tune with the thought process of an extremely innovative company.
Hyper-ledger Blockchain Project having started in Dec 2015 is gaining in strength, numerically and otherwise, with its rank swelling to 100 global members. To steer clear of the adage of too many cooks, Behlendorf, founder of Apache Software Foundation, was appointed as its first executive director. With Ethereum releasing its first production version called Homestead, research initiatives in Estonia and innumerable other research projects worldwide, the world seems to poised to get wedded to this technology.
ONLY PATHBREAKING R & D WILL PROVIDE AN ANSWER TO BLOCKCHAIN’s MASS ADOPTION DEFYING COMPLEX TECHNICAL CHALLENGES.