{"id":2126,"date":"2019-12-11T02:00:00","date_gmt":"2019-12-11T02:00:00","guid":{"rendered":"http:\/\/kusuaks7\/?p=1731"},"modified":"2024-02-12T06:39:19","modified_gmt":"2024-02-12T06:39:19","slug":"when-will-blockchain-technology-be-a-game-changer","status":"publish","type":"post","link":"https:\/\/www.experfy.com\/blog\/fintech\/when-will-blockchain-technology-be-a-game-changer\/","title":{"rendered":"When Will Blockchain Technology Be a Game-Changer?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2126\" class=\"elementor elementor-2126\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"has_eae_slider elementor-section elementor-top-section elementor-element elementor-element-4e100a54 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4e100a54\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_eae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-16e2527b\" data-id=\"16e2527b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e37d130 elementor-widget elementor-widget-text-editor\" data-id=\"e37d130\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\n<p>For simplicity, let\u2019s assume there are three customers (c1, c2, c3) in this batch, and one vehicle (v1) information is provided as a sale.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>P(C=c1) represents the likelihood of c1 to buy any car. Assuming no prior knowledge about each customer, their likelihood of buying any car should be the same: P(C=c1) = P(C=c2) = P(C=c3), which equals a constant (e.g. 1\/3 in this situation)<\/li><li>P(V=v1) is the likelihood for v1 to be sold, given it is shown in this batch, this should be 1 (100% likelihood to be sold)<\/li><\/ul>\n\n\n\n<p>Since there is only one customer making the purchase, this probability can be extended into:<\/p>\n\n\n\n<p>P(V=v1) = P(C=c1, V=v1) + P(C=c2, V=v1) + P(C=c3, V=v1) = 1.0<\/p>\n\n\n\n<p>For each of the item, given the following formula<\/p>\n\n\n\n<p>P(C=c1, V=v1) = P(C=c1|V=v1) * P(V=v1) = P(V=v1|C=c1) * P(C=c1)<\/p>\n\n\n\n<p>We can see P(C=c1|V=v1) is proportional to P(V=v1|C=c1). So now, we can get the formula for the probability calculation:<\/p>\n\n\n\n<p>P(C=c1|V=v1) = P(V=v1|C=c1) \/ (P(V=v1|C=c1) + P(V=v1|C=c2) + P(V=v1|C=c3))<\/p>\n\n\n\n<p>and the key is to get the probability for each P(V|C). Such a formula can be verbally explained as: the likelihood for a vehicle to be purchased by a specific customer is proportional to the likelihood for the customer to buy this specific vehicle.<\/p>\n\n\n\n<p>The above formula may look too \u201cmathematical\u201d, so let me put it into an intuitive context: assuming three people were in a room, one is a musician, one is an athlete, and one is a data scientist. You were told there is a violin in this room belong to one of them. Now guess, whom do you think is the owner of the violin? This is pretty straightforward, right? given the likelihood of musician to own a violin is high, and the likelihood of athlete and data scientists to own a violin is lower, it is much more likely for the violin to belong to the musician. The \u201cmathematical\u201d thinking process is illustrated below.<\/p>\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f74a676 elementor-widget elementor-widget-heading\" data-id=\"f74a676\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\"><h4><strong><em>The promises of blockchain technology are vast, but the results to date have not met expectations. So where is blockchain heading, and when will we be there?<\/em><\/strong><\/h4><\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0a330ee elementor-widget elementor-widget-text-editor\" data-id=\"0a330ee\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tInvestment Bank HSBC Holdings announced plans this week to move $20 billion in assets to blockchain technology.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bdde588 elementor-widget elementor-widget-text-editor\" data-id=\"bdde588\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.computerworld.com\/article\/3487734\/hsbcs-plan-to-move-20b-in-assets-onto-blockchain-could-be-a-watershed-moment.html\" target=\"_blank\" rel=\"noopener noreferrer\">According to Computerworld<\/a>: \u201cThe London-based company, the seventh largest bank in the world, plans to move $20 billion in assets that include equity, debt and real estate onto its new Digital Vault blockchain, a shift away from its current use of paper records to respond to client search requests. \u2026\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-45a255e elementor-widget elementor-widget-text-editor\" data-id=\"45a255e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tBy getting investors to interact with this data on the blockchain through decentralized applications (dApps) supported by friendly user interfaces, HSBC is helping build the on-ramps and infrastructure needed to take blockchain DLT mainstream, according to Avivah Litan, a Gartner vice president of research.\u201d\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f2ccb02 elementor-widget elementor-widget-text-editor\" data-id=\"f2ccb02\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tSome experts see this HSBC development as a potential game-changer. However, others are not so sure. They point to the fact that\u00a0<a href=\"https:\/\/www.coindesk.com\/state-street-slashes-dlt-developer-team-as-bank-rethinks-blockchain-strategy\" target=\"_blank\" rel=\"noopener noreferrer\">State Street Bank just cut over 100 blockchain development positions<\/a>.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6a2e0c7 elementor-widget elementor-widget-text-editor\" data-id=\"6a2e0c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tIndeed,\u00a0<a href=\"https:\/\/www.mckinsey.com\/industries\/financial-services\/our-insights\/blockchains-occam-problem\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"broken_link\">a report by McKinsey &amp; Company<\/a>\u00a0from earlier this year proclaimed blockchain\u2019s amazing potential to be a game-changer.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c6f4feb elementor-widget elementor-widget-text-editor\" data-id=\"c6f4feb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\u201cOne sign of blockchain\u2019s perceived potential is the large investments being made. Venture-capital funding for blockchain startups reached $1 billion in 2017. IBM has invested more than $200 million in a blockchain-powered data-sharing solution for the Internet of Things, and Google has reportedly been working with blockchains since 2016. The financial industry spends around $1.7 billion annually on experimentation.\u201d\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b1bfba3 elementor-widget elementor-widget-text-editor\" data-id=\"b1bfba3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\nNevertheless, \u201cdespite billions of dollars of investment, and nearly as many headlines, evidence for a practical scalable use for blockchain is thin on the ground.\u201d\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a167dba elementor-widget elementor-widget-text-editor\" data-id=\"a167dba\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\n\nThis article from\u00a0<em><a href=\"https:\/\/www.fool.com\/investing\/2018\/01\/21\/surprise-this-company-holds-the-most-blockchain-pa.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">The Motley Fool<\/a><\/em>\u00a0describes the many benefits of blockchain technology and the companies who have blockchain patents. At the top of the list in 2018 was Bank of America.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1da9dc1 elementor-widget elementor-widget-heading\" data-id=\"1da9dc1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><h3><strong>Other Potential Industry Uses for Blockchain?<\/strong><\/h3><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fc30c68 elementor-widget elementor-widget-text-editor\" data-id=\"fc30c68\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tBeyond banking and finance, there has been plenty of talk about\u00a0<a href=\"https:\/\/www.govtech.com\/blogs\/lohrmann-on-cybersecurity\/can-blockchain-technology-secure-your-vote.html\" target=\"_blank\" rel=\"noopener noreferrer\">blockchain voting<\/a>\u00a0ever since the election challenges in 2016. Here are some very recent examples:\n<ul>\n \t<li><strong>ZDNet<\/strong>\u00a0&#8211;\u00a0<a href=\"https:\/\/www.zdnet.com\/article\/blockchain-elections-how-bitcoin-technology-could-secure-your-vote-and-save-democracy\/\" target=\"_blank\" rel=\"noopener noreferrer\">Blockchain elections: How Bitcoin technology could secure your vote &#8211; and save democracy<\/a><\/li>\n \t<li><strong>The Suburban Times &#8211;<\/strong>\u00a0Pierce County to continue mobile voting after successful military pilot<\/li>\n \t<li><strong>NBC News<\/strong>\u00a0\u2013\u00a0<a href=\"https:\/\/www.nbcnews.com\/tech\/security\/smartphone-voting-app-needs-security-review-senator-says-n1079151\" target=\"_blank\" rel=\"noopener noreferrer\">Smartphone voting app needs security review, senator says<\/a><\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e6b1420 elementor-widget elementor-widget-text-editor\" data-id=\"e6b1420\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tAnother potential use of blockchain technology is for protecting privacy and transparency in genetic testing.\u00a0<a href=\"https:\/\/www.darkdaily.com\/nebula-genomics-offers-anonymous-sequencing-to-increase-privacy-and-transparency-in-genetic-testing\/\" target=\"_blank\" rel=\"noopener noreferrer\">This article<\/a>\u00a0describes how Nebula Genomics offers anonymous sequencing to increase privacy and transparency in genetic testing.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8145ab3 elementor-widget elementor-widget-text-editor\" data-id=\"8145ab3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tGaming is also being transformed by blockchain technology,\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/what-attracts-investors-to-blockchain-gaming\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"broken_link\">according to this article<\/a>.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8a22ddd elementor-widget elementor-widget-text-editor\" data-id=\"8a22ddd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tAnd\u00a0<a href=\"https:\/\/www.zdnet.com\/article\/10-ways-the-enterprise-uses-blockchain\/\" target=\"_blank\" rel=\"noopener noreferrer\">this ZDNet article<\/a>\u00a0describes 10 ways that enterprises are using blockchain today, including food\/agriculture, media\/advertising, tickets, health care, education and many other besides finance.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-367d927 elementor-widget elementor-widget-text-editor\" data-id=\"367d927\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.govtech.com\/blogs\/lohrmann-on-cybersecurity\/is-a-new-wave-of-cryptocurrencies-coming-soon.html\" target=\"_blank\" rel=\"noopener noreferrer\">Facebook\u2019s announcement of a new currency based on blockchain<\/a>\u00a0is another big story from this year. It appears that other companies may follow this path as well in the coming year.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3442251 elementor-widget elementor-widget-text-editor\" data-id=\"3442251\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tFinally, there have been many articles regarding the potential use of blockchain to improve cybersecurity. Here are\u00a0<a href=\"https:\/\/securityintelligence.com\/enterprise-intelligence-brief-three-experts-discuss-blockchain-in-cybersecurity\/\" target=\"_blank\" rel=\"noopener noreferrer\">examples from IBM and three experts<\/a>.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bd97b97 elementor-widget elementor-widget-heading\" data-id=\"bd97b97\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><h3><strong>Governments Using Blockchain<\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dd38bea elementor-widget elementor-widget-text-editor\" data-id=\"dd38bea\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.coindesk.com\/huobi-says-its-joining-a-chinese-government-led-blockchain-alliance\" target=\"_blank\" rel=\"noopener noreferrer\">In China<\/a>, the Blockchain-Based Services Network (BSN) is being used for infrastructure management including smart city management.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_eae_slider elementor-section elementor-top-section elementor-element elementor-element-6bade11 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6bade11\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_eae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ebbb159\" data-id=\"ebbb159\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5fd6fb6 elementor-widget elementor-widget-video\" data-id=\"5fd6fb6\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;youtube_url&quot;:&quot;https:\\\/\\\/www.coindesk.com\\\/india-plans-to-issue-a-national-blockchain-framework&quot;,&quot;video_type&quot;:&quot;youtube&quot;,&quot;controls&quot;:&quot;yes&quot;}\" data-widget_type=\"video.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-wrapper elementor-open-inline\">\n\t\t\t<div class=\"elementor-video\"><\/div>\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_eae_slider elementor-section elementor-top-section elementor-element elementor-element-97c657a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"97c657a\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_eae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-81a5f97\" data-id=\"81a5f97\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-13b6532 elementor-widget elementor-widget-text-editor\" data-id=\"13b6532\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.coindesk.com\/india-plans-to-issue-a-national-blockchain-framework\" target=\"_blank\" rel=\"noopener noreferrer\">In India<\/a>, the government is preparing a national framework to support the wider deployment of blockchain use cases.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1193ba0 elementor-widget elementor-widget-text-editor\" data-id=\"1193ba0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\u201cMinister of state for electronics and IT (MeitY) Sanjay Dhotre said Wednesday that the government is drafting an approach paper on the National Level Blockchain Framework which discusses the potential for distributed ledger technology and the need for a shared infrastructure for different use cases.\u00a0\u2026\u201d\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0e8ffc1 elementor-widget elementor-widget-text-editor\" data-id=\"0e8ffc1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tBack in September, Computerworld presented this impressive list of case studies (in slideshow format) showing how governments around the world are using blockchain technologies to improve public service. The list includes countries ranging from the United Kingdom to Switzerland and Estonia to the U.S.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2751b07 elementor-widget elementor-widget-text-editor\" data-id=\"2751b07\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tEarlier this year ICMA, in partnership with the\u00a0<a href=\"https:\/\/www.nlc.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">National League of Cities<\/a>\u00a0(NLC) and the\u00a0<a href=\"http:\/\/www.gfoa.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">Government Finance Officers Association<\/a>\u00a0(GFOA), hosted an\u00a0event\u00a0following the recent\u00a0release of the\u00a0<a href=\"https:\/\/icma.org\/articles\/article\/icma-releases-new-whitepaper-blockchain-technology-and-its-application-local\" target=\"_blank\" rel=\"noopener noreferrer\">&#8220;Blockchain Technology: Local Government Applications and Challenges&#8221;<\/a>\u00a0whitepaper.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8dc93bf elementor-widget elementor-widget-text-editor\" data-id=\"8dc93bf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/icma.org\/blog-posts\/there-future-blockchain-local-government\" target=\"_blank\" rel=\"noopener noreferrer\">This article<\/a>\u00a0describes the ICMA event, and other blockchain challenges that local governments face when considering the use of blockchain, like competing priorities and sustainable funding.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-87d5109 elementor-widget elementor-widget-text-editor\" data-id=\"87d5109\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\u201cAlthough there has been some experimentation with blockchain at the local level, the experts agree that the significant amount of challenges around implementation are preventing the technology from gaining traction in local government. \u2018Perhaps the largest challenge with blockchain is the data itself,\u2019 said Truell. \u2018Local governments still have structured data that will have to be moved into a digital platform before blockchain could be used.\u2019 Truell also emphasizes that major changes to the law would be needed to make blockchain a viable option.\u201d\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79cf2c1 elementor-widget elementor-widget-heading\" data-id=\"79cf2c1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><h3><strong>Closing Thoughts on Blockchain<\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9312edf elementor-widget elementor-widget-text-editor\" data-id=\"9312edf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tSo back to the initial question: \u201cWhen Will Blockchain Become a True Game-Changer?\u201d\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d40ca38 elementor-widget elementor-widget-text-editor\" data-id=\"d40ca38\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tDespite the enormous amount of research into uses for blockchain technology and the large number of pilot projects using blockchain technology, many questions still remain. Experts are asking to see that \u201cKiller App\u201d that requires blockchain tech as the enabler.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d5d149c elementor-widget elementor-widget-text-editor\" data-id=\"d5d149c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tMy view is that 2020 may very well be that game-changing year. If not, we will certainly see tremendous progress, and some organization will release a true game-changing app based on blockchain technology in the early &#8217;20s.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aae4e95 elementor-widget elementor-widget-text-editor\" data-id=\"aae4e95\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tOriginal article at <a href=\"https:\/\/www.govtech.com\/blogs\/lohrmann-on-cybersecurity\/when-will-blockchain-technology-be-a-game-changer.html\" rel=\"noopener\">Govtech<\/a>.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>When will blockchain become a true game-changer? Despite the enormous amount of research into uses for blockchain technology and the large number of pilot projects using blockchain technology, many questions still remain. Experts are seeking to see that killer app that requires blockchain tech as the enabler. 2020 may very well be that game-changing year. If not, we will certainly see tremendous progress, and some organization will release a true game-changing app based on blockchain technology in the early &#8217;20s.<\/p>\n","protected":false},"author":154,"featured_media":3013,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[192],"tags":[98],"ppma_author":[2650],"class_list":["post-2126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech","tag-blockchain"],"authors":[{"term_id":2650,"user_id":154,"is_guest":0,"slug":"dan-lohrmann","display_name":"Dan Lohrmann","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&r=g","user_url":"","last_name":"Lohrmann","first_name":"Dan","job_title":"","description":"Daniel J. Lohrmann, an internationally recognized cybersecurity leader, technologist, keynote speaker and author, is the Chief Strategist &amp; Chief Security Officer at Security Mentor, Inc. He was recognized as the global CISO of the Year for security product and services companies by <a href=\"http:\/\/cybersecuritybreakthrough.com\/award-winners\/\">Cybersecurity Breakthrough Awards<\/a> in September 2017. He has advised senior leaders at the White House, National Governor&rsquo;s Association (NGA), National Association of State CIOs (NASCIO), U.S. Department of Homeland Security (DHS), federal, state and local government agencies, fortune 500 companies, small businesses and non-profit institutions.&nbsp;He led Michigan government&rsquo;s cybersecurity and technology infrastructure teams from 2002 to&nbsp;2014<br \/>\n&nbsp;"}],"_links":{"self":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/2126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/users\/154"}],"replies":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/comments?post=2126"}],"version-history":[{"count":10,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/2126\/revisions"}],"predecessor-version":[{"id":35960,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/2126\/revisions\/35960"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/media\/3013"}],"wp:attachment":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/media?parent=2126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/categories?post=2126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/tags?post=2126"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/ppma_author?post=2126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}