Behind the Choice of Blockchain: Valuable Resources for Competitive...

Behind the Choice of Blockchain: Valuable Resources for Competitive Advantages

Capital Markets CIO Outlook | Thursday, November 22, 2018

The blockchain is proven to provide a significant value of cryptocurrencies due to which this technology is being implemented in almost every industry creating transparent marketplaces for customers. According to the report from CompTIA, about 16 percent of the companies had purchased blockchain enabled tools, and 22 percent were developing tools using blockchain. However, this technology still remains mysterious. Undoubtedly, the most popular industry that is leveraging cryptocurrency to the world is the financial sector.

No matter what the motive is, the immutable and transparent nature of blockchain enables the IT companies to incorporate it into their strategies. Being a decentralized platform for major innovations, the blockchain technology influences every industry virtually in the world. There are many challenges associated with the funding, that are very extensive. One of the main challenges in fund administration is tracking and managing the expenditures. The blockchain technology can solve this issue by reducing the data inaccuracies, improving interoperability in various enterprises, and creating transparent expenditure tracking.

Check Out This: Top 10 Blockchain Solution Providers - 2018 ( BLOQCogniveGlobal Debt Registry )

The internet has become a major part of daily life that has enabled the users to have instant access to websites. According to a Shopify report, the page-load speed is one of the primary reasons for consumers to shop on a particular website. Even Google has declared to incorporate website speed into its algorithm ranking factors. The world’s favorite search engine considers a page speed as slow if the loading time is longer than 1.5 seconds.   

The real estate industry has emerged as a complex industry with many moving parts like buyers, sellers, agents, and brokers. Escrow makes real estate transactions slow and prone to risk. Businesses are getting more comfortable because of digitally secured contracts which facilitate deals in real time. This brings the necessity for law firms to become acquainted with the technology to deliver the advice to the clients.

Aaron Wright, chair of Alliance Legal Industry, stated that lawyers are assured to catalyze blockchain technology, and legal group serves as neutral space to explore blockchain based legal technology, supporting emerging enterprise use cases raised by this new technology.

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