From HR to MEA to security and beyond, blockchain is on the move.
Market intelligence solutions provider Infiniti Research released its latest study identifying the top five recent critical developments in the blockchain space covering human resource, regional expansion, cybersecurity, among others.
An industry expert from Infiniti commented on the study:
“Blockchain technology has transformed to become one of the most revolutionary and advanced technological developments of the 21st era.”
The study added:
“Today, there are lots of industries like trade finance, healthcare, cybersecurity, etc. that are using blockchain technology. Although the blockchain market will witness promising growth, concerns such as cost, security threats, complexity in understanding, and many more are preventing industries from adopting this technology.”
Here are five of the recent significant developments in the space:
Human resource: Blockchain is being utilized by HR departments to streamline their recruitment procedures. The technology is proving to be effective in eliminating the need to hire costly third-party or external recruiters. With blockchain, candidates’ information can be made available on the cloud. In the future, job recruiters will not need resumes as certificates, work history, grades and even experience can be verified to people with direct employment.
Market expansion in Asia and the Middle East: Several banks in South Korea and Japan are experimenting on blockchain technology that would allow them to provide same day cross-border money transfer. If successful, the banks could reduce the cost of moving money internationally by nearly 30%. Already, interest from Middle Eastern and Asian banks is growing to provide the same blockchain service.
Amplified cybersecurity: With threats from criminals spreading ransomware to manipulating Internet of Things (IoT), computers, gadgets and anything that can run on the internet to mine cryptocurrencies, blockchain and cryptocurrency providers have to raise their focus on security. This could lead to blockchain actors to take blockchain cybersecurity seriously and develop a security protocol to address the specific problem.
Green technology challenges: Blockchain has the potential to mitigate the challenges faced by renewable energy technology in terms of electronic production and consumption tracking, transparency, payments, validations, security and incentives. The technology can solve the requirements of each participant in the renewable energy sector at every layer of the market.
Automation and privatization: The blockchain market will lead the digital transformation of companies and/or industries dealing with automation, process digitization, tokenization, the codification of complex contracts. Government regulations will be crafted for Bitcoin and Ethereum, the two major cryptocurrencies that can lead companies to privatize blockchains. But this process is not expected to affect the growth of digital currencies.