The Chief Digital officer of FMCG giant Nestlé France, Samuel Baroukh has expressed support towards the blockchain technology to enhance business efficiencies. Baraoukh emphasized the importance of data security and explained, “I have seen too many breaches as of late and traditional loyalty programs are proven unreliable. Blockchain makes data decentralized, encrypted, trackable and secure and is exactly what is needed.”
The Cloudflare internet security provider is to unveil a new product for accessing the InterPlanetary File System (IPFS) more easily. The IPFS decentralized storage protocol was developed by Protocol Labs. The company announced the launch of ‘Crypto Week’ and also a new technology embracing cryptography to enhance the quality of internet.
Two-thirds of the businesses covering over 10,000 employees eye on blockchain adoption as revealed by a Juniper Research survey. The survey also highlighted that a quarter of the companies have moved beyond the proof-of-concept phase in embracing blockchain. It was found that half of the companies are embracing Ethereum blockchain for their business.
The JP Morgan CIO, Lori Beer is confident that the blockchain technology would replace the existing technology. Beer quoted at a press conference in Buenos Aires, “We will see a greater and wider use of blockchain. In a few years, blockchain will replace the existing technology, today it only coexists with the current one.”
The ‘Hype Cycle for Emerging Technologies’ report m by the research firm Gartner revealed the interest in blockchain technology is fading. The report highlighted that the technology is at the edge of the ‘trough of disillusionment’ phase and predicted to attain the ‘plateau of productivity.’ The research vice president at Gartner quoted that the technology has ‘crossed the peak by now.’
In the announcement of Domestic Investment Plans for the year 2019, South Korea is to develop eight sectors including blockchain, big data, artificial intelligence (AI) in the domestic economy by investing approximately $4.4 billion. The ministry highlighted, “The measures will help facilitate the platform economy, which in turn will help speed up innovative growth.”
The Union Bank is adopting the blockchain-powered technology as an effort in cutting the operating costs as well exploring the potential of the emerging technology. The Chief Executive Officer of Union Bank, Edwin R. Bautista explained, “The goal is to put blockchain as much as we can in the internal process. We want to reduce our costs.”
The IBM has filed a blockchain patent for ‘Managing a Database Management System using a Blockchain Database.’ The patent application detailed about the development of database tampering detection system (IDT-DS). The patent quoted, “A blockchain database which is linked with the central database may be constructed with respect to the data management system.”
The government of South Korea will be launching an initiative to encourage the youth to be involved in the blockchain technology industry by introducing a six-month blockchain training. The 2018 Innovative Growing Youth Talent Concentration Project is to be organized by Science Ministry, ICT, and the Institute for Information and Communication Technology Promotion.
West Virginia would introduce blockchain integrated mobile voting application to all 55 counties so that the absentee voters could cast their remotely. The application is developed by Voatz. The chief technologist at the Center for Democracy and Technology, Joseph Lorenzo stated, “Its internet voting on people’s horribly secured devices, over our horrible networks.”