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2020-07-31

The Blockchain-based economy is becoming a fact

According to a report by HFS Research, blockchain technology will play a decisive role in creating a future "hyper-connected economy".

A report recently released by HFS for the Big Four EY auditors suggests that "we are moving towards a hyper-connected economy, and blockchain will provide a way for this to happen.

The report explains that whole ecosystems are being developed within the services offered by different organisations. The researchers say that "no organisation has all the experience of a customer, and competitors and peers need to figure out how to work together". The tool that HFS researchers believe will facilitate this collaboration on a large scale is blockchain

HFS considers that blockchain has six characteristics that are responsible for its success and future adoption. These features include the ability to share distributed data, consensus-based confidence building, invariability, hashish security, smart contracts and flexibility in the use of authorised (managed) or unauthorised (open) systems.

According to the report, the number of blockchain service contracts almost doubled in 2019 and 'more than 15% of blockchain solutions are reaching the production stage, an almost 3-fold increase compared to 2018'.