blockchain-powered solutions

Outsourcing Blockchain Development: How to Make it Work

Blockchain is one of the most advanced IT technologies. It helps to form new business models in various sectors of the economy, both for large companies and for startups. Experts believe that in the near future Blockchain will become an integral part of our life.

Blockchain – a chain of blocks that contains certain information. All blocks of the chain are connected to each other. The block is filled with a group of records, and the newly emerging blocks are always added to the end of the chain and duplicate the info contained in the previously created structural units of the system, adding a new one to it. The prospects for using this technology are incredible.

Despite its promise, Blockchain is still not ready for widespread adoption in business processes. All that concerns scalability – attracting new users, the security of data transmission and privacy of information – requires additional development and software.

Large IT and hi-tech companies, such as Microsoft or Intel, see three areas of work in improving the Blockchain.

The first is cooperation with companies that develop this technology and with teams that understand what the market requires to maximize the adaptation of the Blockchain in the production and distribution chains.

The second – active participation in the development of various Blockchain with the leading platforms on cryptology to implement their ideas. In this situation, the participants of cryptology are using new developments, and the companies expand their presence.

And the third direction is to play with the existing block-based solutions and the state Blockchain.

Oliver Bussman, president of the nonprofit association Crypto Valley Association, noted that in 2018, large banks will be interested in using payment systems on the block, as they are attracted by such benefits of the distributed registry as real-time data processing, reduced risks, transparency of transactions.

Thanks to the block system, the application of smart contracts will also change. In the summer of this year, IBM IT giant, American insurance corporation AIG and financial company Standard Chartered PLC completed pilot testing of the smart international insurance policy based on blocking technology.

As Forbes notes, the blockade will radically change the work of both recruiting and HR spheres. In 2018, there will be more such platforms on the market that will allow users to create “smart” profiles on the blockroom. These profiles will contain not only resumes of users, but also information on their career merits and achievements, as well as certificates on the passage of educational programs and any other information needed for applicants.

The World Healthcare Industry Outlook for 2018 states that next year, 20% of organizations will actively work on the development of block projects, and by 2020 the block will be used in operational management, as well as to maintain patient databases.

Igor Grigorenko

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