We’re on the brink of a revolutionary new ‘machine-to-machine’ (M2M) economy, in which an IoT comprised of autonomous vehicles, drones, robots, and decentralized organizations will utilize blockchain technology and self-executing (smart) contracts to transact and distribute micropayments without the need for human involvement. But how many financial institutions are actually working on an IoT strategy for connecting M2M transactions to the physical world, in order to prepare for this new customer segment of machines?
Up Next in Blockchain
In the current environment, where data is under constant threat, traditional backup solutions are not enough to guarantee data protection. Solutions using blockchain technology can provide indisputable data verification in any industry. Common use cases include property and medical records, chain-of-evidence for court documents, police video or security camera footage, intellectual property documents, long-term archiving that could be subject to IT audits, and consortium data storage, where multiple entities or individuals need to securely store and exchange massive amounts of data and information.
Hybrid Cloud and Blockchain Solutions are the Future for Data Backup
Migrating data backup to hybrid cloud and blockchain solutions is an evolutionary no-brainer.
Distributed-ledger technology is often considered among the most secure ways to store sensitive data and to allow the data’s owners more choices about who sees what information. Private blockchains under the direct control of patients are promising alternatives to the fragmented, often duplicated, and easily-breached electronic health records (EHRs) currently in use across most of the healthcare industry.
83% of Life Science Execs Expect Healthcare Blockchain in 5 Years
Blockchain may be in widespread use among pharmaceutical and life science organizations within the next five years, executives predict.