As Britain continues with the process of exiting the EU, it appears that globalism has slowed into a more stagnant condition; however, there is one area where globalism continues to expand rapidly: the flow of digital data and information. With blockchain acquiring most of its fame from being the back-end technology that powered cryptocurrencies like Bitcoin, it is now blossoming across multiple industries. The potential of this up-and-coming technology is full of surprising possibilities for the future of international business. In the coming times, we will not only see how blockchain technologies will lead to greater efficiency, but how they will drive the global economy into a new age.
What is blockchain, and why will it play such a large role when referring to the future of business? Blockchain is a trusted way of storing information that ensures greater user privacy and heightened security. It also improves accuracy by removing human involvement in verification and reduces costs by eliminating third-party verification. As time goes on, digital data and information will continue to be collected more and more, leading to advantages in the utilization of blockchain technologies for many businesses throughout the world.
When thinking of countries with an interest in blockchain, one stands above the rest in relation to being a major supporter of the up and coming technology. The country is the United Arab Emirates, and they have recently announced that they want every single government service that can run on blockchain technology to have it set in place by 2020. The reason for this request is because Dubai sees itself as the hub of worldwide trade, as trade is Dubai’s biggest business. If they are able to become the hub of blockchain technology then they would continue to have a competitive advantage compared to other major cities involved with international trade.
Entering the new year, research has already been published for predicting the key players/manufacturers of blockchain technology. The list of companies includes Accenture, AlpahPoint, IBM, and Microsoft. The research was conducted based on 5-year records of company outlines and predictions on future company performance. The report also mentioned major countries like China, India, as well as the entire continents of Europe and North America for playing major roles in the market and development of blockchain technologies.
As time goes on it will be interesting to see how blockchain technology continues to develop, as well as impact business on a global scale.