The first Blockchain-Bitcoin system-has seen astronomical returns of more than 1300% in 2017. As we move forward in 2017, Blockchain technologies have become difficult to ignore. interest in Blockchain technologies. In 2017, the NYSE filed two Bitcoin ETFs with the SEC, with CBOE becoming the first institutional investor to launch a Bitcoin futures market, and the CME group followed suit a week later by doing the same. But it's not just the big exchanges that interest the Blockchain game, but a multitude of industries that are interested in incorporating Blockchain technologies to make their businesses more economically efficient.

The growing interest in Blockchain technologies in 2017 led the CTFC to publish a reference book on virtual currencies that recognizes that Blockchain technologies can be used by governments, financial institutions and corporations. cross-industry industries to optimize daily operations via a Blockchain system

Use cases

Blockchain technologies can be used as a store of value, in commercial and payment transactions, and to transfer and transfer money either nationally or internationally at a faster and cheaper rate than the traditional financial institution or intermediary. some cases of use.

Blockchain technologies have been revered for reducing costs, improving capabilities. A Blockchain system is a secure distributed registry with cryptographic proof of work / pile. Namely, powerful computers crack algorithms that encrypt the transaction data in each block. When a computer is able to break the algorithm, a full block of relatively recent transactions is added to the chain, a copy of the updated registry that has the new block is broadcast to the other nodes – any computer connected to the network – and the nodes are updating on the network transaction history. If an updated ledger is broadcast with which the majority of network nodes are not in agreement, a node will not update to keep this copy of the ledger because it is not an issue. truthful and honest representation of transaction data. ]

Record Keeping

It is believed that the cryptographically secure blockchain and the consensus system of the nodes produce a more accurate copy of the general ledger than the current centralized archiving system is capable of providing.

In Blockchain: An Emerging Solution for Fraud Prevention Jun Dai, a computer scientist at California State University Sacramento argues that "altering or deleting information in business accounting systems, changing electronic documents and creating Fraudulent electronic files were the main methods to conceal fraud. "

In areas such as accounting, where human workers manage and manage tasks such as file verification and confirmation of the truth, it is possible that human error or misguided documents or create fraudulent documents that do not accurately represent the history of transactions.

That's why recordkeeping industries like the accounting industry have been attracted by Blockchain technologies – the Blockchain network is cryptographically secure and verified by a network of computers – not human workers, for this reason Blockchain technologies create a nearly inviolable record and allow individuals to make transactions between peers without having to trust a third party to honestly facilitate their transactions.

Blockchain technologies allow business operations to take place without the intervention of an intermediary, which was not possible prior to the invention of Blockchain technologies, unless individuals are trading. cash; but even money becomes ineffective to manage and deal with. It is unnecessarily expensive to run a business, a financial institution or a financial intermediary where human workers perform tasks that computers can process faster, more efficiently and with fewer errors than human workers.

When human workers perform operational duties, the company must pay the costs associated with owning or leasing infrastructure, electricity, gas and electricity. water simultaneously with the operating infrastructure, employee salaries, paper for printers, and so on. If intermediaries were able to invest or save the money that they had to devote to operating or paying for a computer-automated service, it is possible that a business becomes more economically efficient.

cryptography that only needs to connect to the Blockchain network to operate can actually decrease some of the costs associated with running a business. Blockchain technologies are able to reduce the number of human workers needed, reduce labor costs, eliminate the need for a business to own / rent and operate an infrastructure, and make the data registry less subject to fraud and fraud. to manipulations.

But the Blockchain does not only allow companies to operate on a more efficient, economical and secure system; in 2017, we began to see Blockchain technologies change the way companies raise capital.

Capital Increase

An ICO – Initial Coin Offering– is a crowdfunding method that a company can use to raise capital by selling the right of ownership or royalties to a project for investors. ICOs are often referred to as IPOs – initial public offerings – in which companies raise capital by selling shares in the company to investors. However, it is much easier for a company to launch an ICO than an IPO. This makes ICO an attractive option for startups looking to get started, and gives Blockchain technology the ability to change the fundraising process.

To launch an ICO, all that a company needs to do is to bring the project to a respectable technological checkpoint, publish a white paper, and announce the date that it 's about. they plan to hold their symbolic sale. No government subscription or approval is required, in relation to an IPO, in which an investment bank subscribes to a business and then files with the SEC and must wait for the SEC to assess its business before that the SEC finally announces an IPO date.

Digital Revolution, Age of the Internet

Similar to the idea that offices needed to dematerialize to become more efficient, reduce costs, and move into the future. Aligning with the digital revolution, businesses and governments are interested in Blockchain technologies as they seem to lead the world of business into the future digitized.

The economic efficiency, increased transaction speed and cryptographically secure features of Blockchain technology make Blockchain an attractive technology for businesses. incur a high operating cost from processes that an automated machine can handle more efficiently.

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2017 was really the first year we saw Blockchain technologies flood the mainstreamed public.Before, only the crypto-community was concerned with Blockchain technologies.And unlike the mainstream audience, the cryptographic community was valuing these technologies more for their usefulness only for their speculative aspect, however, Blockchain technologies have made a positive first impression on mainstream media in 2017. With wide adoption by interested companies and able to use Blockchain technologies to optimize their operations , and institutional and commercial investors attracted by the return on investment of Blockc technologies hain, it's safe to say that Blockchain technologies will be here to stay for 2018.