New applications will accelerate the popularization of blockchain

Regarding the potential uses of blockchain technology, Deloitte, one of the Big Four accounting firms, has released a report stating that blockchain is rapidly approaching recognition and widespread application.

Introducing the report, two partners at the firm said that while the tipping point for blockchain technology may not occur before 2027, Deloitte expects adoption to happen faster if new applications emerge.

Deloitte foresees many different blockchain applications across different industries, and in a statement accompanying the report, it cites a number of examples to illustrate the technology’s potential.

For example, the report said that in the banking and insurance industries, blockchain could be used to "strengthen and streamline" customer compliance checks and reduce the risk of fraud.

The same is true in the media and entertainment industry, where blockchain offers new business models for content providers, such as music artists, and in the public sector, where there are opportunities to use blockchain to collect taxes, facilitate voting, and serve as a formal registry of government assets.

The firm also suggested that the key to these solutions gaining acceptance is creating a trustworthy blockchain services environment, especially when it comes to ensuring “robust and secure” authentication and identification.

Deloitte noted:

“By using a decentralized architecture, cryptographic systems, and digital signatures, blockchain has the potential to provide a high level of assurance and add new and unique features to identity management.”

Industry enlightenment

Deloitte said the report is designed to help leaders in different industries use blockchain technology to navigate emerging opportunities.

It further discusses some of the challenges that organizations will face when embarking on plans to adopt this technology.

Using diagrams to help newcomers approach the technology, the report provides an easy-to-understand introduction to how blockchain works, what Deloitte believes constitutes a blockchain, and what types of blockchains are available.

The report then covers the three main parts of blockchain technology as the “Internet of Value Exchange,” the challenges it faces, and how to move from an interesting concept to real-world applications.

The last section analyzes in detail the application of blockchain in banking, insurance, public sector and media industries.

As early as last summer, Deloitte revealed that it had been looking to use blockchain technology for automated client audits, consulting crowdsourcing, and other applications.

The full original report can be found at Coin Library: http://8btc.com/doc-view-413.html

Original article: http://www.coindesk.com/deloitte-report-blockchain-use-cases-adoption/
By Daniel Palmer
Compilation: Overnight porridge
Source (translation): 8btc Information (http://www.8btc.com/deloitte-report-blockchain)