It’s October 26th, 2017, and a company in the UK is changing its name. From this day onwards, On-Line PLC will be known as On-Line Blockchain PLC.
That name change made all the difference. By just changing its name, the company attracted so much investor attention that its value rose by 394% overnight. Within 48 hours, the company had grown by a margin much greater than it had accomplished for the past 2 years. That demonstrates just how much the word “blockchain” means to the world right now. It’s basically a revolutionary term.
A survey carried out by PricewaterhouseCoopers established that most CEOs of major corporate establishments are seriously looking into how the blockchain technology can help boost their businesses, and that’s where the propagation of digital assets comes in. The survey featured about 600 company executives, 84% of which admitted that their companies were very much into blockchain.
What Is It With Blockchain?
During an interview on CNBC’s Straight Talk, Joe Duran said that the blockchain technology has the capacity to impact every aspect of the modern society. Joe is the founder and CEO of United Capital. According to Joe, cryptos are the future of money, and that means improved security and transaction integrity. Such a system saves both money and time – much like the way Ripple’s xRapid is helping banks conduct cross-border transactions faster and much cheaply than before.
Besides the above advantages, blockchain technology also ushers in an era of transaction processing transparency, privacy, improved system security, and the kind of versatility that allows it to be deployed in various progressive use cases. These use cases may include society-changing developments like the use of blockchain technology to manage elections, healthcare, local trades like rental businesses, automated communication systems like emails and call notifications, and cyber security. These are all areas that affect everyone in the society. According to the Harvard Business Review, blockchain is a technology with the capacity to build foundations for better social and economic systems.
Blockchain’s Mass Adoption
In fact, governments are already adopting the blockchain technology. Venezuela just launched its own national cryptocurrency, India and Iran are following suit, and Russia is contemplating the same. That’s not to mention the numerous other blockchain-based products in the market already with the blessings of various governments. RippleNet is one of those world-changing blockchain-based products.
According to Joe Duran, the blockchain technology is headed for mass adoption in such a way that it will become a widely-used technology that brings real change in various institutional and business operations and product development chains rather than an avenue for investors to make millions. Either way, everyone will see and feel its impact in the near future. In fact, if the latest developments are something to go by, that future is already here.