The latest news around blockchain on our DC Forecasts crypto news site show that the technology is gaining a lot of attention from different angles. As of recently, blockchain has been featured as ‘a disrupting technology’ in the Tech Trends 2019 report that was published by Deloitte, one of the global leaders in consulting and auditing.
As one article states, the Big Four audit and consulting firm has put blockchain as one of the technologies that is rapidly growing and is on a path towards mass adoption. The report also cites one International Data Cooperation (IDC) projection which states that worldwide spending on blockchain solutions will reach $9.7 billion in 2021, while another predicts the number to hit $11.7 billion by 2022.
“Today, blockchain is to trust what the web was to communication: a profoundly disruptive technology that transforms not only business but the way humans transact and engage,” the report notes.
Deloitte also agrees that blockchain is viral, saying that the technology is “capturing both mindshare and investment is remarkable considering that a few years ago the word blockchain was known only through its relationship to cryptocurrencies.
One of the areas where blockchain is likely to develop in the coming year, according to Deloitte, is the technology that includes “gateways, integration layers and common standards.”
However, Deloitte also shared the obstacles of implementing the technology, mainly related to the time-consuming operations, lack of standardization, high costs and complex applications.
Guangdong Province In China To Use Blockchain-Based Tax Payment Platform
“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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