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Application Of Blockchain And Future Trends

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As most of people consider this, blockchain technology is defined as a troublemaking creation that has not only the possibility to change the nature of connections in Finance, but also in various other parts of our ordinary life. We can see a typical example of the British singer Imogen Heap that trades her new songs using the blockchain technology.

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For the future, the application domain for blockchain appear to be various, especially in parts that have traditionally trusted third parties to create a certain volume of trust. Atzori proposes that government and the whole civilization might be modernized by the blockchain. Many functions might become outdated if the actual generation started to use all decentralized platforms and tools.

He concludes that ‘‘reorganization of government services through permissioned blockchains is possible and wanted, since it can significantly rise public direction functionality’’. Restructuring societies is of prime rank in poor countries. Wealth can be secured more efficiently using the blockchain. Especially in the third world, property-owners have problems to prove the ownership if for example the local government purposes is to steal the population. These existential fears can be measured by involving land names into the blockchain.

However, as pointed out by Glaser, the border between the arithmetic domain and the corporal world could turn out to be the fragile connection which harms the digital trust established by a blockchain system.

There is also currently a debate among researchers and controllers if crypto-currencies trusting on the blockchain can fulfill the roles of real money. Money has been defined by Mishkin as ‘‘anything that is generally accepted in payment for goods or services or in the repayment of debts’’. Luther and White argue that today crypto-currencies are only hardly used as a method of exchange. Glaser et al. offer experimental visions that Bitcoin is certainly mainly used as a notional strength. However, spending and accepting might become easier due to advanced methods by entrepreneurs, founding crypto-currencies as an addition for fiat money. The blockchain might then help to change the way persons pay for properties in the real world. Homeowners face significant operation costs when buying property. According to Goldman Sachs, ‘‘blockchain could decrease title protection payments and make $2– $4 billion in cost savings in the US by reducing mistakes and physical work. While computer experts mainly emphasis on the practical and cryptographic challenges in this area, investigators from the Business and Information Systems Engineering field have the chance to focus on market design, questions of trust and privacy. Moreover, this disrupting invention might change many current business models, create new ones and might have huge influences on entire trades. Therefore, research at the connection of technology, markets and business models is certainly valuable.

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