COVID-19 Has Uncovered The Need for Verification by Blockchain In A Social Distancing World
Blockchain technology has proven to be a game-changer, even though cryptocurrencies which brought it into the mainstream is still struggling on the regulatory front. While cryptocurrencies were believed to liberate the society from a centralized financial system, blockchain has found various use cases well beyond the financial ecosystem. As of today, blockchain is being actively used in the field of supply-chain management, agriculture, healthcare, and education to name a few.
Many mainstream firms such as IBM, Amazon, Facebook, Samsung, and Microsoft have shown great interest in blockchain technology creating numerous solutions based on the decentralized tech to help enterprises become more efficient. CB Insights in its latest report has calculated that the blockchain solution spending would cross $16 Billion marks by 2023 and also identified at least 58 industries that have limitless potential to harness the decentralized tech.
Key Industries Where Blockchain can Excel
CB Insights report pointed towards numerous industries that can implement various blockchain solutions in their system to see the added benefit of transparency in data, decentralization. The key industries included,
Banking services have become more online and digital in the past decade with services like PayPal and Jack Dorsey's CashApp becoming mainstream. As of today even in the developing nations the need to physically go to a bank for any form of service has reduced significantly. While a majority still need the banks for a number of financial needs, it is no secret that only middle-class and rich folks are the main beneficiaries, while a poor find it difficult to even open a bank account.
Decentralization and blockchain technology can prove to be the real savior of the unbanked and the recent rise of the DeFi ecosystem is a clear example of how decentralized finances can become mainstream with enough reach. DeFi technically does the same thing as a banking system i.e to offer loans and lend money, but without the discrimination.
The fintech industry has seen a rapid growth of near 23% year-on-year and blockchain could be the perfect catalyst to push it in the mainstream. Jan Sammut, the founder of IBIS Brokers explained how blockchain can change the financial world,
“Finance is definitely the sector that has seen the most blockchain adoption.
Since blockchain networks combine settlement, computing, and the unit of account in a single layer, they are perfectly suited to applications such as P2P lending.”
Elections are one of the keys practices of any democratic nation, and thus conducting a free and fair election is the core of democracy. Almost every democratic nation currently makes use of the physical casting of ballots to ensure that the casted ballots are valid. The voting process also requires authentication of voter identity secure record-keeping of casted ballots and final tallies to determine the winner. While this process has been carried out for centuries, the ongoing pandemic has made everyone think to look for an alternative to being physically present at the voting booth.
Remote voting through blockchain systems is being actively tested in the USA where people can cast their votes directly from their mobile phones and the casted votes are maintained trough a blockchain-based ledger which ensures privacy and security. With enough trials and testing, blockchain-based voting systems could prove to be a boon for many who cannot go out to cast their votes.
Supply-Chain management has adopted blockchain with open arms and one of the key industries which have ramped up the incorporation of various use cases of the decentralized tech to track goods, food, and beverages. Be it Nestle, one of the biggest food and beverage producers, or French Supermarkets like Carrefour. Most of these firms have experienced the efficiency of implementing blockchain tech in their work process.
IBM has turned out to be one of the biggest suppliers of the enterprise-grade blockchain solution in the supply-chain industry.
Jack Barrett, the CEO of Catalyst commented on the trend of blockchain technology in the supply-chain management suggesting,
“Blockchain is finally breaking out of the hype phase as we have begun to see its innovative capacity at work in the financial industry, the supply chain sector, the real estate market, and so on.
Personally, I see this technology take root and completely overhaul traditional financial systems plagued with cumbersome and costly processes.”
Blockchain Solutions are being actively used in a number of industries and that is only going to grow further as its popularity rises. The decentralized tech has proven to be more efficient and reliable than the centralized systems most of these industries have been using. And given the growth rate of the fintech industry which is near 25% per year, it won’t be a big surprise if the blockchain revolution comes way early than what many experts are anticipating.