In the recent ARN report, Vogelberg mentioned that business builders should also carefully analyse if, and how, the new Blockchain technology could impact their current business models as Blockchain has the potential to eliminate a significant part of the workload – such as checking and booking transactions, transferring money or paying invoices.
In Australia, the University of Melbourne is involved in the pilot Blockchain technology to record student credentials, through a micro-credentialing system designed to enable employers to verify qualifications at speed.
In addition, companies such as Accenture have jumped on board the Blockchain bandwagon, developing software to make it easier to lock away Blockchain credentials in a hardware security module.
Frost & Sullivan added that the convergence of Blockchain and IoT, together with big data analytics, will be a trifactor for channel success.
“[It] is proving to be a viable solution to many challenges such as the authentication and authorisation of IoT edge devices. As a result, this will help secure mesh networks and eliminate the need for central brokers,” it said.
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