Challenges and Future of the Innovative Blockchain Technology in the Digital Age

What will happen in the future when blockchain and tokens spread? Where are the new business possibilities? We would like to hear from experts who are involved in blockchain from various perspectives.

Blockchain technology has the potential to become a next-generation social infrastructure. Now, not only virtual currencies but also applications in the financial field are accelerating.

 If this technology matures in the future, it may apply to non-financial fields such as asset transaction history management, real estate registration, and public services. The digital asset token issued on the blockchain is also attracting attention. 

What will happen in the future when blockchain and tokens spread? Where are the new business possibilities? They would like to hear from experts who are involved in blockchain from various perspectives.


From virtual currency to non-financial fields

New technology blockchain that expands application possibilities. As a new technology, the blockchain is said to have various impacts. Why is it said that blockchain is such a revolutionary technology?

Blockchain is a technology created for Bitcoin, but now the main customer has completely reversed, and it is talked about in what kind of field blockchain should be used. 

As you know, blockchain was first applied to cryptocurrencies. It is generally called blockchain 1.0, and the next application example in the financial field is blockchain 2.0. 

Recently, there is a movement to apply it to real estate registration and asset management. Those non-financial fields are called blockchain 3.0.

To put it simply, the advantages of blockchains are that unauthorized transactions and tampering of data cannot be done, centralization is prevented, and centralized management does not lead to system downtime, operating cost reduction can be expected.

 Financial institutions around the world are currently conducting field trials because of the low operating costs. You think it’s a big point that it can be made smaller and simpler than the conventional large-scale centralized system.

You mentioned that financial institutions are conducting proof-of-concept tests. What kind of impact do you think Yamada-san will have on blockchain technology for financial services or financial institution businesses?

Cost and security issues are very important perspectives for financial institutions. For the past two years or so, they have also conducted various demonstration experiments. What happens if you use the blockchain for syndication co-financing by multiple financial institutions under the same conditions and custody, storing and managing securities in securities investment?

In the case of financial institutions, the fact that there is no tampering or system down can be achieved even with existing systems, and it is not a serious issue in applying blockchain, so improving dramatically is This means that convenience is greatly improved and the cost is reduced.

 From that perspective, adding blockchain to syndication does not mean that it will be epoch-making. The reason is that the world of syndication is not an unspecified majority, but deals with about 50 fixed companies. The bitcoin up is best for the easy bitcoin trading as well as selling.

Similarly, of the mechanisms they’ve been working on so far, this can only be done on the blockchain, and he can’t find it so far without some breakthrough. If so, is there any significance in changing what Excel can do to blockchain?

 For a while, he used to say that it was a blockchain as if it had been heated up, but it has become a little cool, and it is changing from thinking what is suitable for a blockchain? Practical examples are increasing overseas. Will the application to securities settlement be realized within a few years?


How do you use the blockchain? 

As said earlier, this must be needs-oriented. For example, international money transfer and trading companies

 Regarding international remittances, users have been frustrated by the fact that they are slow, high, and hard to understand. Ripple and others in the US are trying to solve this problem by using DLT technology Distributed Ledger Technology.

 In trade finance, in this IT world, quite inefficient things such as mailing and checking paper credit are performed. The parties have been dissatisfied with this all the time.  Therefore, the idea is to use blockchain to eliminate such inefficiencies.

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