We cannot expect the world to develop without the intervention of technology. Technology has become an integral part of our lives. From the personal to the professional level, you will see technology interfering in our lives. The dynamism that comes with it makes us witness new developments every day. One of the greatest revolutions the world is talking about is Blockchain. This DLT technology that flourished in 2009 has now expanded its wings, and we are seeing new developments every day. Many big tech companies are showing the trend of promoting this technology. Names like Microsoft, IBM, Walmart, Amazon, Infosys etc have understood the importance of this technology and are working to implement it as part of their mainstream business.
What is the Buzz around Blockchain?
It has now become a ritual to hear some of the new developments taking place on the Blockchain front, whether it is a new company joining it or a new country adopting the technology. The latest news we have comes from IBM, which is planning to promote Blockchain in Thailand. The company is a technology giant from the US with a global presence. It recognizes the fact that the future will revolve around this new technology and hence it is working on using it and implementing Blockchain.
The artificial intelligence that underpins the creation of products that can work after understanding specific requirements or pre-established programs is also a revolutionary change that we have witnessed. many years ago and Blockchain, an emerging technology is now paving the way for this change. IBM decided to merge these companies and bring about a new era of transformation. We all know that Blockchain is growing at breakneck speed and soon its market value will also flourish. It is expected that the Blockchain market will reach $9.7 billion by 2021 and so it becomes a great opportunity for companies to develop and utilize it to generate more revenue.
So, what is the IBM Thailand Action Plan?
IBM will take some notable steps in promoting Blockchain and AI in Thailand, which will ultimately help them earn more revenue.
It is planning to promote Blockchain along with AI in Thailand to turn the country into a sales hub. Under this plan, IBM is expected to validate the Blockchain together with the Bank of Thailand. Furthermore, it also plans to promote Blockchain education in local schools to familiarize students with the latest technology. The company is targeting local schools, colleges and universities to create the workforce of the future. As the market of Blockchain will expand, it will also require a workforce trained in the field, and at the same time, it will create job opportunities. Having individuals who have learned about Blockchain will benefit both the company and the people.
In collaboration with Watson AI, IBM plans to launch this system with the help of which it can find detailed information for different sectors of the country such as education, finance, corporate, strategy , etc
What is happening in Thailand on the Blockchain front?
The importance of Blockchain cannot be denied in a time like today when we need it. A platform that can enable transactions, transactions faster and also create a transparent and secure system to achieve the same. With Blockchain we find answers to all our queries, whether it is tracking information or keeping records or transactions, with Blockchain we can achieve this easily. easy. This distributed ledger platform works on the principle of peer-to-peer interaction by creating a decentralized system. Both of these features require a third party and thus the probability of fraud is minimal, and it also cuts down on confirmation and approval times, thus promoting quick response times.
Realizing these features, many countries are trying to implement Blockchain Technology. In October 2018, the Thai Ministry of Commerce expressed the trend of using Blockchain in areas such as trade finance, copyright, and agriculture. Furthermore, the local Revenue Department claims to also have plans to track tax payments using this technology and machine learning.
The growing importance of Blockchain can be deciphered from the fact that IBM is actively filing patents of the decentralized solution. In August, it registered 89 patents. This clearly shows the importance of Blockchain and what kind of potential it has in the future.
Not only IBM, but many other companies are also working to use this technology. Blockchain holds a strong future as it promises to fill the gaps created by current technology.
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