When Bitcoin was discovered in 2008, a new concept was introduced to the world – the blockchain technology. Promising to make an impact on every industry including finance, IT, government, retail & e-commerce, media & entertainment, automotive, and more, it is all set to revolutionize the world. And interestingly, this revolution has already begun. Many large-sized organizations across the globe recognized the true potential of the technology. Some other organizations are still exploring it and are likely to progress fast as the technology is becoming more mature.
So, what’s this blockchain technology? Well, it’s essentially an electronically distributed ledger or database that records transactions and assets. Maintained by different participants through a network of computers, blockchains use cryptography to verify and run the transactions on the ledger, and this maintains the security of the blockchain network. The shared ledger enables participants to validate and verify transactions without the need for intermediaries. Thus, the blockchain technology brings benefits such as cost savings, security, greater efficiency, and transparency.
The market for blockchain distributed ledger technology is growing as it is making an influence in several areas of our lives. The enhanced security, as well as low transaction costs, brought in by the technology due to the elimination of intermediaries, are aiding in the swift growth of the market. Furthermore, an insignificant effect of inflation on blockchain distributed ledger is likely to offer lucrative growth opportunities for the industry. According to Progressive Markets’ report titled, “Blockchain Distributed Ledger Market – Size, Trend, Share, Opportunity Analysis, and Forecast, 2014-2025”, the market is forecast to grow at a CAGR of 55.69% from 2018 to 2025.
The blockchain technology is growing in importance with time. The plenitude of benefits brought in by its implementation has attracted the attention of industries worldwide. Many organizations are already exploring the possibilities of the blockchain. For instance, in September ‘18, blockescence plc, an investment company that focuses on using Distributed Ledger Technology (blockchain, DLT) announced its partnership with Frankfurt School Block-chain Center, a think tank and research center in Germany with the aim of enhancing its blockchain competencies. In August ’18, Global Blockchain Technologies Corp., an investment company in Canada announced that Blockchain Technologies DMCC, its subsidiary, has been granted permission to develop software, which includes distributed ledger (blockchain) technology services and solutions within the DMCC Free Trade Zone.
blockescence Joins Forces with Frankfurt School Block-chain Center
The partnership between blockescence and Frankfurt School Block-chain Center is aimed at expanding the former’s blockchain competencies. It allows blockescence to obtain benefit from FSBC’s technical know-how and public relations, gain access to industry-relevant events, and the center’s broad network. The FSBC specializes in the areas of blockchain, crypto assets, digitization, and entrepreneurship. Remco Westermann, CEO of blockescence, said that their company wants to work with the blockchain industry experts that belong to the best-in-class professionals to successfully implement their strategy of investing in traditional industries and improve their value with innovative blockchain solutions. He also said that Prof. Dr. Philipp Sandner, the head of the Frankfurt School Blockchain Center brings with him an impressive knowledge base and a network that is unique and superior in the industry.
Blockchain Technologies DMCC Granted License to Develop Blockchain-based Software
Blockchain Technologies DMCC (BTD), has been officially licensed to develop software with built-in distributed ledger (blockchain) technology solutions within the DMCC Free Trade Zone, which houses more than 15,000 multi-national corporations. With the license, BTD now offers blockchain based infrastructure, middleware, and other ancillary services to the DMCC Free Zone and customers throughout the Middle East region, who now collaborates with BTD to capitalize on the United Arab Emirates’s strategy to expedite the blockchain technology development.
About the author
Nisha Dodeja, is a keynote senior consultant on digital marketing at Progressive Markets. She has been recognized for developing a robust social network strategy for the company. Nisha has written several whitepapers, case studies, and articles. She is a visiting faculty member at various educational institutions and has expertise in IOT.
Get your copy of What is Bitcoin
This e-book on Amazon explains what Bitcoin is, it explains that Bitcoin (BTC) is a virtual currency, digital, not physical, and independent of banks. Useful links and resources for the newbie and advanced Bitcoiner or cryptocurrency enthusiast.