Well known for its role in the ascent of cryptocurrencies, the blockchain technology does not only underpin the success of Bitcoin, whose value rose 1,400% in 2017, it is also an emerging option for asset protection, according to experts at — Avalon Life. Research firms have forecast that the business value from blockchain technology will exceed $176 billion by 2025.
The distributed digital ledger has many applications to asset management. Its ability to protect data records from alteration, resilience against cyberattacks, and high process integrity provide considerable value to those industries who operate with complex supply chains. Notably, blockchain’s two-key system used to conduct transactions is an important feature in protection. To transfer an asset requires a public and private key, the latter which is known only to the owner. It can also be held by a trustee or manager for safekeeping. Access could involve multiple keys for a portion, or all, of the asset to prevent any one person from acting unilaterally.
Large multinational corporations are already exploring the utility of the blockchain to protect their assets, says Avalon Life. Reuters reported that diamond producer De Beers is preparing to launch an industry-wide blockchain this year which will authenticate diamonds, ensuring that the gems do not originate in conflict zones. In 2017, Fortune reported that a consortium of pharmaceutical firms, including Genentech and Pfizer, had started the MediLedger Project. The initiative uses blockchain technology to prevent stolen or counterfeit drugs from entering the industry supply chain. Under this system, every drug shipment will be accompanied by a secure record of transaction. The development of the blockchain as an asset protection tool is subject to several risks as it begins to play a greater role in the physical economy. Consultancy E&Y asserts that regulatory uncertainty remains a challenge for firms implementing the technology, and that the significant upfront investment required could be a potential deterrent.
Nonetheless, the distributed ledger is quickly becoming a viable alternative to traditional methods that guarantee protection of assets, such as centralized contracts and records, which are increasingly costly and time consuming in a globalized, digitized economy. Adoption of blockchain opportunities will allow businesses to position their products and services for growth in the age of technology. In a 2017 survey by Juniper Research, 6 out of 10 large corporations were considering blockchain deployment. Of those firms that have established its feasibility for business application, two thirds expect to integrate blockchain into internal systems by the end of 2018.
Avalon Life is an active crypto community with over 168,000 members, headquartered in Costa Rica. The company enables its partners to participate in blockchain and cryptocurrency markets, while also serving as educators to the wider public about these technologies. Avalon Life offers a full range of products and services for the blockchain. It was an early provider of mining packages with the X11 algorithm, and is the exclusive distribution partner of Bitsurge. As a product developer, the company focuses on using technology to strengthen environmental sustainability and social responsibility.
Avalon Life - Blockchain Technology Solutions & Global Education Programs: http://avalonlifenews.com
Avalon Life - LinkedIn: https://www.linkedin.com/company/avalon-life
Avalon Life - Home - Facebook: https://www.facebook.com/AvalonLifeOfficial
Release ID: 319816