Main navigation

Blockchain technology is growing fast as enterprises in different sectors are adopting it

Thu, 06/11/2020 - 09:34
article image
Heewon Jang
From finance to food safety — find out about how these blockchain-based solutions are disrupting their respective industries
Blockchain technology is growing fast as enterprises in different sectors are adopting it
Cover image via
Read U.TODAY on
Google News

Blockchain technology is disrupting the technology that is currently implemented for different processes in a day-to-day basis. It is a technology that given its decentralized and distributed nature, provides multiple advantages for those enterprises that seek to have a more efficient and technological structure within their operations. It is an innovation that has grown worldwide, especially in the past year.

Asia is the leading continent with this adoption, especially in the financial technology sector. For instance, blockchain firms are increasingly dominating Hong Kong’s financial technology sector. Thirty-nine percent of enterprises are now utilizing blockchain and DLT (Distributed Ledger Technology) for operating in the fintech industry. Furthermore, blockchain comprises the fastest-growing segment for Hong Kong’s fintech industry given that 22 out of 57 fintech firms have migrated their systems and operations to blockchain-based solutions and DLT systems.

There are new blockchain-based solutions out in the market, as demand is growing fast. They are solutions that cover worldwide needs, utilizing the latest technology. Traxalt, for example, is a blockchain platform that provides different solutions such as a global payments network, where companies can deploy payrolls in an efficient and cost-saving way. It can also facilitate international payment settlement without the need of the traditional bank transfers, which can take a long time to process and is very expensive.

 Liquefy is a blockchain-based solution that enables assets’ digitization such as private companies, public shares, funds, real estate, etc. It provides tools such as Decentralized Company Secretary (DSC), Compliance-as-a-service (CaaS) and secondary trading tools.

Blockchain technology is also growing fast in the supply chain management, as it provides many advantages for it to be more efficient, transparent and less costly. OpenPort is a company that provides a mobile platform for enterprise supply chain management in emerging markets. It directly connects shippers and carriers in order to reduce cost, improve performance and drive continuous supply chain optimization.

Food safety is another topic that is gaining more attention every day, as consumers are more concerned about the products, such as food, that are consumed daily. IBM is a blockchain-based solution that provides a solution that is focused on food safety.

Every day more blockchain solutions emerge, as the market demand is constantly increasing thanks to the advantages it provides. Currently, individuals and companies are more focused on acquiring technological and advanced solutions that help them improve their daily processes. Solutions such as speed, security and transparency that are in the same scope are being adopted more frequently. Blockchain technology provides all of them in one single system.

article image
About the author

Heewon Jang is a freelance journalist and the editor of CryptoGags section.
She is responsible for entertaining crypto content and bitcoin humour