Cryptocurrencies made a loud explosion in 2017. Bitcoin price went to a record of almost $20K, a multitude of ICO’s raised millions of dollars in investments, and numerous altcoins came into existence. At the start of 2018, crypto has taken a beating with the Bitcoin still looking for a rally.
However, blockchain, the technology on which cryptocurrency runs, hasn’t slowed down.
Mainstream financial institutions and banks which criticize cryptocurrencies are embracing blockchain as an important component of their financing solutions. This year, “banks are leading the way” in adopting blockchain into their operations — Credit Suisse Group AG and ING Groep NV concluded a $30.48 million securities lending deal powered by blockchain. The Royal Bank of Canada, an early blockchain technology believer has proposed, in a patent application, to generate customers’ credit ratings using its historical and predictive data in a blockchain-based platform.
Other huge companies like LG, the South Korean electronics giant, Oracle, an American multinational computer technology company, and Naver, an Internet content firm operating Korea’s top search engine are developing diversified blockchain-based processes.
Others believe that blockchain will trigger “industry 4.0“, something that will represent the merging of digital and physical systems, IoT, and the Internet of Systems.
The blockchain technology has indeed a very wide spectrum of application. Decentralized apps (DApps) are accelerating in South Korea where both established firms like Kakao and Naver and startups like Kodebox and CLC are all benefiting from blockchain when developing mobile DApps ranging from gaming to fitness.