The development of blockchain technology is also expected in the automotive industry
Business representatives began to get used to the growth of decisions on blockchain in almost every sector of the economy. Analysts note that distributed registry technologies have a number of undeniable advantages. Among them – anonymity, transparency and reliability of data storage and transmission.
Initially, its developers saw blockchain as a functioning environment for cryptocurrency: everyone can see how much money was sent during a transaction. But no one knows the real names of the owners of the wallets.
These features are widely used, for example, in pharmaceuticals. Testing drugs, patients without any problems share changes in their state of health, knowing that the information is completely anonymous.
In 2017-2018, such an advantage of blockchain solutions, such as decentralization, was used actively in logistics and retail. It is in these industries that problems with a central server can lead to an instant collapse of the entire system. And smart contracts may well replace the waybills that are customary in the field of transportation. Thus, solutions based on distributed registries have reached the automotive industry.
It is noted that the number of developments on blockchain for the automotive industry will increase by 65.8%. In turn, the market for such decisions by 2026 will grow to 1.6 billion dollars.
As a result of a survey conducted by the IBM Institute for Business Value in collaboration with Oxford Economics, it becomes clear that many leaders of the automotive industry are encouraging the growth of blockchain solutions in the industry. Moreover, they predict the dominance of blockchain development as early as 2021. Soon, blockchain will become the main medium of information exchange between the Internet of Things (IoT) objects, as well as enterprises and end users.
The main problem of the development of such solutions, many leaders of the automotive industry consider the insufficiently developed regulatory framework and the lack of information about the technology.
Development of blockchain technology: support for mixed martial arts
We see how large organizations continue to join modern technologies, among which, as noted above, cryptocurrency and blockchain.
Observed and reverse processes. For example, the Litecoin Foundation was the official sponsor of the mixed martial arts tournament. This event was held under the auspices of the Ultimate Fighting Championship (UFC).
Curiously, before this landmark event, no cryptocurrency has ever become a sponsor of sporting events. Recall that the Litecoin Foundation is a public organization founded in 2011. The project is based on the digital coin of the same name, which is characterized by quick confirmation of transactions and almost free transfers to any wallet. Litecoin is an open source code that is a digital medium for a number of new developments.
In turn, the Ultimate Fighting Championship (UFC) is a well-known sports organization from Las Vegas (USA). Known since 1993. UFC battles are broadcast regularly in 20 languages in 130 countries around the world. Thus, the sponsorship of one of the UFC fights by the Litecoin Foundation organization automatically brought the concepts of cryptocurrency and blockchain to new levels.