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Built.io 2017 Predictions: You'll be hearing more from bitcoin and blockchain in 2017

VMblog Predictions 2017

Virtualization and Cloud executives share their predictions for 2017.  Read them in this 9th annual VMblog.com series exclusive.

Contributed by Kurt Collins, Director of Technology Evangelism & Partnerships and Parthiv Patel, Technical Marketing Manager at Built.io

You’ll be hearing more from bitcoin and blockchain in 2017

2017 will be the year of connected finance

Over the past few years, things like smart cities, smart cars and smart arenas have really taken off. In 2017, the next industry that will get "smart" is finance. The potential, untapped benefits are enormous: For example, right now an international wire transfer takes days, because it must go between multiple banks that don't have the same legal or technical architecture, making two or three stops before the transaction is complete. By using APIs and blockchain, financial institutions can create an international ledger of where money is coming and going, making wire transfers both cheaper and faster. In 2017, we'll start to see this technology applied not just for consumers, but for businesses as well that make large scale financial transactions from purchasing stocks and bonds to making trades. By making finance smarter, it not only makes the process faster but it reduces the cost.

Massive shakeups in the bitcoin developer community will further complicate the technology 

In 2016 there was a massive shakeup in the bitcoin developer community with developers splitting up into two different branches. One set of developers focused on developing the technology one way and another decided to take it in a completely different direction. This presents a problem for the standards established for bitcoin and they are no longer aligned. In 2017 we will see how this shakeup plays out and if the two different versions of bitcoin will be able to communicate with each other, a key aspect of what makes the technology successful. 

Blockchain will play an integral role in improving IoT security

In 2016 we saw multiple hacks and data breaches, including the massive DNS attack that caused widespread internet outages. This latest attack was a wakeup call to start thinking about security in terms of the Internet of Things (IoT). Because of that, in the next year we'll start to see more security-oriented measures put in place for IoT and blockchain will play an integral role in that. One of the foundational premises of blockchain is to make sure that certain records and requests are accurate, just like an accounting ledger. When it comes to IoT, that is perfect because devices are widely distributed sometimes calling back to the server and sometimes not. However, if they don't call back to the server you want to make sure that the call any IoT device makes is actually the call it is supposed to make. By using blockchain on top of IoT, companies can implement a ledger methodology to any request that needs to be made to or from an IoT device and verify it is doing the right thing. Blockchain is critical in this because it is very difficult to fool blockchain and it creates a method of transaction verification. While this usage of blockchain is not widespread, in 2017 we can expect to see more uses of blockchain for IoT security measures.

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About the Author

Kurt Collins Built.io

 

Kurt Collins, Director of Technology Evangelism & Partnerships at Built.io

Kurt Collins (@timesync) is Director of Technology Evangelism and Partnerships at Built.io. Kurt began his engineeering career at Silicon Graphics (SGI) where he worked on debugging its UNIX-flavored operating system. Kurt co-founded The Hidden Genius Project along with eight other individuals in response to the urgent need to increase the number of black men in the technology industry. Mentoring young people interested in the technology industry is a personal passion of his. Today, he continues this work with tech startups and non-profits alike.

 

 

 

 

 

Parthiv Patel

 

Parthiv Patel, Technical Marketing Manager at Built.io

Parthiv Patel is the Technical Marketing Manager at Built.io where he specializes in technologies that enable connected ecosystems. Parthiv has 6 years of experience designing and delivering solutions for buildings, robotics, even race cars. His forte is building interesting connections and innovative demos at the intersection of hardware, software, digital and physical.

Published Tuesday, November 29, 2016 8:08 AM by David Marshall
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