With the potential to double in speed towards mass adoption this year, blockchain technology has opened the gate for various applications across business domains. Today, industries are searching for ways where they can secure their data and make secure, hassle-free transactions, and companies are coming up with innovative, blockchain based solutions that save money, while optimizing business performance.
This year, trends in blockchain are evolving with the implementation of new technology such as stable coins and blockchain interoperability. Stable coins have stable prices and are not affected by the market condition, ensuring that the stability is maintained. Meanwhile, blockchain interoperability is designed to improve information sharing across diverse networks and blockchain systems. These cross-chain services improve blockchain interoperability and also make them more practical for day-to-day usage.
As the blockchain industry continues to grow, laws and regulations continue to develop in the area.
Cameron Chell, a blockchain expert, is the Chairman and co-founder of ICOx Innovations. He says government implementations of strict regulations are just a further indication of a maturing market.
Cameron Chell explains, “I believe regulations are becoming more conducive to experimenting with the technology in the financial and commercial spheres. We now have a solid understanding on how to work with regulators. Our aim is to help shape the new regulations that will influence the future of branded blockchain economies.”
With a number of companies developing blockchain applications to improve their supply chains, it’s no surprise the industry is generating interest globally.
In fact, a Deloitte survey found that 95 percent of respondents stated their company plans to invest in blockchain tech this year
In a recent interview, Deloitte’s Ruchir Dalmia told Computerworld said that there is growing momentum for the use of blockchain platforms within business.
“Business leaders are beginning to take ambitious steps to move from small-scale experimentation to real world execution, with organisations pooling resources and expertise towards building shared platforms,” Dalmia said.
For example, major United States-based firearms marketplace GunBroker.com recently announced it will integrate a new stablecoin called FreedomCoin as a payment method.
Leaders at GunBroker.com approached ICOx Innovations with a unique problem, according to Chell.
“They were processing over $600 million in sales annually, but close to $450 million of that was still being transacted with paper checks and money orders,” Chell says. “GunBroker.com needed a reliable, secure and transparent corporate currency to process its electronic transactions.”
FreedomCoin is ICOx’s newest signature product that has been designed to allow businesses like GunBroker.com to accept payments made through regulated and licensed digital currencies. This feature will be accessible through a mobile app that emphasizes simplicity.
Chell explains FreedomCoin further – “Imagine going to do a checkout at any large ecommerce site, and you can choose from whatever that brand’s name coin is. It’s really a payment rail that’s integrated with the financial systems and meets the stringent requirements that are put in place by regulators to ensure the transactions are fair, transparent and simple.
Looking forward, Cameron Chell says the team at ICOx Innovations will continue to assist established companies with the design and creation of blockchain technologies.