American multinational CA Technologies believes that the technology underpinning the cryptocurrency bitcoin will find its footing in 2016.
In a blogpost titled Five Technology Predictions for 2016, Otto Berkes, the Chief Technology Officer (CTO) at CA Technologies, predicted a great year for the blockchain technology, saying that the innovative public ledger will “find a home outside of the Bitcoin transaction ledger.”
He stressed that the technology could be further incorporated within the existing Internet-of-Things framework, believing it has has the potential to become a transformative tool in improving the ways through which data is collected and exchanged between physical objects.
“A technology, like blockchain, that relies on a network of computers and has privacy at its core will be an important enabler of IoT and any organization’s digital transformation as it further streamlines operations for greater agility and customer responsiveness,” the CTO added, while further discussing its possible applicabilities in real-time data analytics, “agile security,” and containers and microservices.
Berkes’ statements appear in a time when many technology – as well as finance organizations – are considering to update their traditional and slow infrastructure with the much faster blockchain. Texas-based leading financial organization USAA has cleared its intentions regarding the use of the ledger technology in optimizing its back-end operations.
Even central banks, that used to have a narrow view on the Bitcoin and its underlying technology, are making efforts to understand it better (read R3CEV, a group of researcher and bankers led by American multinational firm IBM).
For the IoT, CA Technologies sees 2016 as the year when the focus would shift to building applications. The automotive and healthcare sectors will benefit from the introduction of IoT sensors and smart devices.
The real-time analysis of big data to enhance the experience of customers by using the predictive insights to prescriptive actions will become a daily affair. CTO Berkes believes that the analytics won’t be the solution to anything, but with improvements, it will become the part of the solution to everything.
Coming back to the blockchain, it is expected that the technology will benefit from the increasing awareness and the sustained fund inflows. The involvement of well-known organizations, government and private, will also aid and accelerate the adoption process. Its idea of blockchain will reach a wider audience this year, and its potential will be understood and utilized on a bigger scale, hopefully.
“Blockchain will have to overcome its “guilt by association” with the Bitcoin problems,” Berkes added, “but the capability exists for it to become the storage of choice for sensors and IoT in general.”
[Note: This article is awaiting moderation with comments from CA Technologies.]