One of the most impressive aspects of the blockchain is the fact that it is a decentralized system existing between all legalized parties and as the need to pay to intermediaries is completely mitigated, it is extremely quick and has no conflict. Although blockchain systems have their concerns, they are cheaper, faster, and are highly secure, more than traditional systems. Thus, a number of governments and banks are preferring them over other transfer solutions.
2017 remained a year with mixed response for the blockchain industry. It showcased tremendous growth opportunities and blockchain solutions are expected to witness a plausible rise in production in the next year also. The enterprise sector continues to focus on digitization of operations and processes and uses areas where blockchain solutions can bring about the most notable impact. Thus 2018 will also remain promising for the market.
The blockchain sector also witnessed notable success in moving from proof-of-concepts to production. Ripple – the world’s only enterprise blockchain solution for global payments, also became a completely operational platform, with payment volumes crossing several billions of dollars and over 100 enterprises becoming member companies. Industries have also started to form business networks using blockchain solutions.
The New Year is expected to be a growth year for blockchain systems. In 2018, the demand for blockchain solutions will rise at a promising pace chiefly owing to the rising digitization across the enterprise sector and several industries. Cryptocurrencies will also witness a significant rise in valuation, owing chiefly to the increased demand from conventional asset management companies.
The enterprise sector will put more focus on the constantly changing business models as blockchain systems start to transform the overall dynamics of the market. Smart contracts will also witness significant modifications and will emerge as integration platforms between industries.