5 Ways Blockchain Technology Is Going to Change The World
By George Beall
Tumisu / Pixabay
As 2017 saw the rise of interest in crypto and the blockchain, a lot of people are wondering what is there to do with it. After all, until people can go into a McDonald’s and spend their Bitcoin, most don’t see the practical purpose of blockchain tech yet. However, as we’re still in our infancy on this new technology, there are quite a few applications of the blockchain that could potentially change the internet as we know it; which is exactly why I’m bringing you a few noteworthy trends happening. Check them out below:
It’s Changing New Technologies
Although the tech world loves new sectors, some early innovators have begun looking at how the blockchain can influence these budding ventures. From improving legacy infrastructure in FinTech to creating decentralized markets for APIs, the exploration into how blockchain can play a role has been outstanding. However, out of all the new innovations that Silicon Valley has been salivating over, the Internet of Things (IoT) has been an early favorite.
With an estimated $284 billion spent on IoT in 2017 (as noted by Statista), this is one industry that’s been booming, with blockchain technologies hopefully helping IoT devices connect better. And although still early to market, there are a few firms really looking to make their mark on the relationship between IoT and the blockchain.
Next Big Thing (NBT) is a German-based organization that is dedicated to accelerating the development of IoT ventures, many of which rely on blockchain ledgers to share and distribute information. NBT boasts a portfolio of game-changing applications which leverage IoT-to-blockchain architectures to deliver decentralized solutions to some of our most pressing health and security problems.
Martin Buhl, CFO of NBT says, “I’m eager to see the continued decentralization of markets through the implementation of blockchain technology, as blockchain technology enables talented and forward-thinking innovators to swiftly build scalable solutions and watershed business models.”
Buhl makes a good point as blockchain is primed to effect IoT development, specifically in the health and security sectors. Be on the lookout for how these implementations will be utilized in the coming years, especially as this relationship grows stronger.
A New Frontier For Fundraising
One of the most exciting blockchain developments this past year was the introduction of the ICO or Initial Coin Offering. According to Coinschedule, ICOs accounted for nearly $3.7 billion in fundraising for early-stage blockchain companies, surpassing the total amounts that venture capital invested in seed/series-A ventures. These are presales of coins or tokens that can be used on whatever decentralized platform the blockchain company is creating, which differs from how we traditionally think about investment.
While ICOs behave similarly to IPOs in that it’s a public sale of a company, IPOs are for a stake in a company, meaning it’s considered a security. ICOs on the other hand, are selling a coin or token to be used on a decentralized platform, which means there’s no true telling on if the value of the coin will increase or decrease. I’ll …read more
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