We cannot expect the world to grow without technological intervention. Technology has become an integral part of our life. From personal front to the professional, you would find technology intervening our lives. The dynamism associated with it makes us witness new development every day. One of the greatest revolution that the world is now talking about is Blockchain. This DLT technology that surged in the year 2009 has now expanded its wings, and we are witnessing new developments every day. Many big tech companies are showing inclination in promoting this technology. Names like Microsoft, IBM, Walmart, Amazon, Infosys, etc. have understood the importance of this technology and are working towards implementing it as a part of mainstream business.
What is the Buzz around Blockchain?
It has now become a ritual to hear some new developments that take place on the Blockchain front, whether it is a new company venturing into it or a new nation adopting this technology. The latest news that we have is from IBM, which is planning to promote Blockchain in Thailand. The company is a tech giant from the US and has its presence globally. It does realize the fact that the future is going to revolve around this new technology and hence it is working on using it and implementing Blockchain.
Artificial Intelligence which forms the basis of creating products which can work after understanding specific requirements or pre-set programs was also a revolutionary change that we witnessed years back and Blockchain which is an emerging technology is now paving the way for the change. IBM has decided to merge these and bring in the new era of transformation. We all know that Blockchain is growing at a breakneck pace and soon its market value is also going to flourish. It is expected that the Blockchain market will be $9.7 billion by 2021 and thus, it becomes an excellent opportunity for companies to grow and make use of it to generate more revenue.
So, What is IBM’s Plan of Action in Thailand?
IBM is going to take some notable steps in promoting Blockchain and AI in Thailand which will eventually make it earn more revenue.
It is planning to promote Blockchain along with AI in Thailand to convert the country into a sales hub. Under this plan, IBM envisions endorsing Blockchain along with Bank of Thailand. Furthermore, it also plans to promote Blockchain education in local schools to acquaint students with the latest technology. The company is targeting local schools, colleges, universities so that it can create a workforce for the future. Since the market of Blockchain is going to expand, it will also demand workforce trained in this field, and at the same time, it will create job opportunities. Having Blockchain learned individuals would be mutually beneficial for the company and the people.
In collaboration with Watson AI, IBM plans to come up with the system with the help of which it can find the insights for different areas of the nation like education, finance, businesses, strategy etc.
What is happening in Thailand on the Blockchain front?
The importance of Blockchain cannot be undermined in times like today when we need. A platform that can trigger faster transaction, trade and also create a transparent and secure system to achieve the same. With Blockchain we find answers to all our queries, whether it is tracking of information or keeping records or transactions, with Blockchain, we can achieve this easily. This distributed ledger platform works on the principle of peer-to-peer interaction by creating a decentralized system. Both these features culminate the need of having a third party and thus, there is a minuscule probability of fraud, at the same time it also cuts down the time for validation and approval thus motivating quick response time.
Realizing these features many nations are trying to implement Blockchain Technology. In October 2018, Thai Ministry of Commerce expressed its inclination to use Blockchain in filed like trade finance, copyright, and agriculture. Moreover, the local Revenue Department proclaimed also plans to track tax payments utilizing this technology and machine learning.
The growing importance of Blockchain can be deciphered from the fact that IBM is actively filing the patents of the decentralized solution. In August, it had registered 89 patents. This clearly shows how important is Blockchain and what kind of potential it has in the future.
It’s not only IBM, but there are other companies as well who are working towards using this technology. Blockchain holds a strong future as it promises to fill the gaps created by the current technology.