Tags: blockchain | technology | metrics | trust

Blockchain Technology Reworking Metrics of Trust

hands measuring consumer trust on a chalkboard
(Charlieaja/Dreamstime)

By    |   Monday, 04 March 2019 07:08 AM

In 2014, Jamie Dimon, CEO of J.P. Morgan said bitcoin was a “terrible store of value.”

A year later he said it would not survive, and in September 2017 he went all in by labeling bitcoin a fraud — a comment he later said he regretted, as reported by Market Watch. Just recently, it was reported that he announced J.P. Morgan’s own blockchain-based currency, JPM Coin, making it the first major bank to issue a coin.

Blockchain has dominated recent headlines and is being billed as the best example of revolutionary technology primed to change the world. The past two years have witnessed cryptocurrency’s climax and slump, with Bitcoin perhaps being the greatest example. Investors and traders across the globe panicked after watching Bitcoin’s price plummet over the past several months.

Nevertheless, although Bitcoin may be crashing into oblivion, its epic rise has resulted in blockchain remaining resilient to public criticisms and distrust, dreadful cryptocurrency hacks and incessant government policies of outright ban or strict regulations. Blockchain’s numerous benefits are among the top reasons why it’s surprisingly still relevant, particularly to antagonists. Let’s review recent studies;

Transactions completed through a blockchain protocol would reduce the time gap. It would overturn the entire lifecycle of a trade, cutting it from days to hours—and in some cases even to minutes. Banks would save more than $15 billion a year by diminishing these regulatory and cross-border expenses, studies by Oliver Wyman, Anthemis Group and Santander InnoVentures.

Deloitte recently surveyed 1,000 companies across seven countries about integrating blockchain into their business operations and found that 34% already had a blockchain system in production today, while another 41% expected to deploy a blockchain application within the next 12 months. In addition, nearly 40% of the surveyed companies reported they would invest $5 million or more in blockchain in the coming year.

It is important to remember that blockchain technology is not limited to just a single industry, such as finance. It is beyond crytocurrency. Studies show that it can have greater applications on healthcare, education, entertainment, advertising, real estate, stock trading, infrastructural facilities, gambling, politics, forecasting, cloud computing, supply chain management, gaming, business and corporate governance etc.

Estonia is considered one of the world most advanced digital societies due to her digital citizenship program. It’s not surprising that blockchain-based social media platforms are constantly in development and could eventually transform virtual human interaction. Estonia-based block chain developer, Moniat Group, is one innovator who is set to introduce a social network integrated with blockchain.

Blockchain is ambitious as well as risky. Security in the techno-savvy world isn’t easy to achieve. The survival of blockchain technology lies in its security. Hence, as long as blockchain is concern, security controversy wouldn’t end. Risk takers are having a filled day and you shouldn’t be left out.

I conclude with these pieces of advice from PWC and Deliotte respectively, ‘when a technology moves so quickly, it’s dangerous to sit on the sidelines. We’re watching blockchain move from a startup idea to an established technology in a tiny fraction of the time it took for the internet or even the PC to be accepted as a standard tool. Blockchain technology could result in a radically different competitive future for the financial services industry’.

‘However, the only real mistake we believe organizations can make regarding blockchain right now is to do nothing. Even without a completely solid business case to implement, we believe that organizations should at the very least, keep an eye on blockchain so that they can take advantage of opportunities when they present themselves.

Richard Agu is a researcher, entrepreneur and freelancer, passionate about entrepreneurship and self-development. Currently, Richard writes for Entrepreneur.com, Goodmenproject.com, among others. Follow him on Linkedin.com by clicking here now.

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RichardAgu
Blockchain is ambitious as well as risky. Security in the techno-savvy world isn’t easy to achieve.
blockchain, technology, metrics, trust
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2019-08-04
Monday, 04 March 2019 07:08 AM
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