Accenture, IBM and Microsoft fuel blockchain market growth
According to Research and Markets’ report, “Global Blockchain Technology Market 2017-2021”, the market will increase at a compound annual growth rate (CAGR) of 55.59%.
One trend in the market is the advent of artificial intelligence (AI), and blockchain powered by AI is the “most advanced” IT development taking place in the blockchain and cryptocurrency market.
Research and Markets says AI provides several features to manage decentralised monetary systems. AI algorithms can be used to predict the value of Bitcoins, which can help traders to manage transactions.
Further, the report states that one challenge in the market is the network privacy and security concerns. Blockchain security is one of the major concerns that have hindered the growth of the market.
In 2016, Ethereum, a provider of blockchain-based distributed computing platform solutions, faced a decentralised autonomous organisation (DAO) attack, a type of cyberattack that caused Ethereum to lose nearly $55 million in cryptocurrency. Research and Markets says the Ethereum system hack instance has discouraged several cryptocurrency traders and blockchain users.
Away from this hack, the work of the three “key vendors” has been well documented.
Accenture recently unveiled a patent-pending solution for blockchain to integrate with industrial-grade security systems that support sectors including financial services.
For IBM, one example is its partnership with SecureKey Technologies to enable a new digital identity and attribute sharing network based on IBM Blockchain. When launched later this year, consumers can use the network to verify their identity for services such as new bank accounts, driver’s licences or utilities.
Microsoft also wants a word as it teamed with AMIS and the Industrial Technology Research Institute of Taiwan (ITRI) to form Asia’s “first” consortium blockchain network on Azure.