12 Years of Blockchain: Where Are The Applications?

12 Years of Blockchain: Where Are The Applications?

There were a lot of talking about where and how blockchain is suitable. Attempting to stick the blockchain everywhere and to everything is a parody.

There were a lot of talking about where and how blockchain is suitable. Attempting to stick the blockchain everywhere and to everything is a parody.

This just hype for this word, and not for technology, unfortunately already played a cruel joke. However, there are still sectors of economy where it is appropriate.

And we will consider it step by step. Experts from Gartner believe that the blockchain is currently on the verge of the “getting rid of illusions” phase. At this stage, the disadvantages of the technology are revealed, the publications in media are full of criticism.

However, are there any working products based on the blockchain and, if so, in what areas? One of these areas, one can consider financial services, where traditionally there are many intermediaries, lack of transparency and high commissions.

Already, many big banks are working on decentralized solutions and are testing them. So what is on the market now?

For example, development of netting. It is a service based on Hyperledger Fabric. Netting entails offsetting the value of multiple positions or payments due to be exchanged between two or more parties.

It can be used to determine which party is owed remuneration in a multiparty agreement. Netting is a general concept that has a number of more specific uses, specifically in the financial markets (in securities transactions).

What else? There is much talking about bonds on the blockchain, mortgages and bank guarantees. Almost all leading banks, including Islamic banks, are experimenting with this.

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Again, Hyperledger Fabric is popular for this and Corda blockchain in some other cases. Are there any prospects? Undoubtedly, there is in those cases and situations where we need tracking operations and consent for this from all parts.

Banks as Bank of America, Goldman Sachs, Citibank, Morgan Stanley, JPMorgan Chase and Bank of China, Commonwealth Bank of Australia in 2019 promising results. Also in the banking sector one talks a lot about cross-border financial transactions, there are even intentions to get rid of SWIFT.

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