Block chain will bring potential market trillion dollar

Block chain will bring potential market trillion dollar


The innovation of science and technology over the past year, the most attractive financial industry chain is probably non block, as this technology has become a hot market, related research and development and investment are growing.

In August 2nd, the market research firm Gartner vice president and fellow level analyst Ray Valdez (RayValdes) on the research progress and application prospect of block chain technology, an interview with reporters, he said that although the financial institutions that block chain has a huge potential, also believe that the future will bring enormous influence, but some applications envisaged so far the financial industry also at a very early stage, the real distance scale are still a long way. In addition to the financial sector, manufacturing and supply chain management industry will bring potential market trillion level to block chain.

The financial industry is still in the initial stage of application

According to the Research Report of Gartner, a variety of signs that “blockchain fever” has a large area of the outbreak, and are mainly concentrated in the financial services industry. August 2015 to April this year, Gartner customers on the block chain and related topics consulting grew four fold.

At present, the world’s 45 largest bank has set up a block chain alliance R3, to formulate the relevant technical standards and direct investment to its. In Japan, Mizuho bank is syndicated loan for the second block chain to the field. In November last year, Microsoft introduced “on its Azure cloud platform as a service chain block scheme. In February this year, the Dubai government announced the establishment of a government committee to study the block chain technology.

But the research report pointed out that although the concept of the blockchain was quickly adopted, but not so much real technology, many projects are in the early stages of the above mentioned.

Valdez said in an interview, bitcoin blockchain launched in 2009, is so far the only one to put into practice the blockchain application. But bitcoin block chain still has many limitations, such as the system theory can only have a maximum of 7 transactions per second, to confirm the transaction at least 10 minutes, and all transactions are open to the public, not in place of secrecy. However, the financial sector is still hope to explore the possibility of such new technology for large scale applications, including to do a second processing of thousands or even millions of transactions, but so far these ideas haven’t come true.

Valdez pointed out that the financial industry is the earliest interest in block chain technology group, the reason for this is largely because they had a premonition that blockchain such a “disintermediation” technology will be on their own business model poses a great threat. They hope that through the early participation, have more control on the development of this technology, and hope in the future to make better use of it. Financial institutions that block chain has a huge potential, but also believe that the future will bring tremendous impact, but so far, some application of the financial industry is still in a very early stage, the real distance scale are still a long way.

The potential market is huge

Valdez said, non increase trust environment is the core concept of chain blocks in a distributed, decentralized, and establish communication assets or value in the entire network system, and the transfer of these assets or value or transfer can be carried out in a programming way. This technology can bring a permanent and irrevocable record, the formation of a credit system.

He said, in addition to the financial industry, other industries are also carried out to try to block the application of chain. For example, a Everledger diamond industry using the accounting system to display each diamond whether it is genuine, and the seller is the legitimate holder of information etc.. Honduras has established a block of land registration system based on the technology chain, once the housing property registration, unless otherwise authorized to change, no one can directly change. In addition, some polling agencies also hope to establish a trust system higher than the existing level using the block chain technology, the key for presidential election voting records and statistics.

Valdez also pointed out that the manufacturing and supply chain management industry will be a potential market of trillion level for block chain. In the supply chain management, whether it is industrial products, parts, medicines, clothing or food, are facing the serious problem. The block chain technology can help to solve the complicated environment, or cross regional untrusted enterprise under the environment of trust between enterprises, improve the efficiency of supply chain management.

It is worth noting that a view of Valdez stressed that any organization regardless of the choice of what kind of block chain current technology into production environment, are facing the risk of future technology these 18-24 months to be eliminated. Therefore, suggestions related enterprises and decision makers “in strategic perspective on the application block chain, but in any investment and project started by some tactical perspective and understanding to help block chain how to more effectively find new markets, products and services in the use process, so as to establish new business model. Can adapt to the needs of the new era of economic programming.

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