What Lies Ahead for Blockchain?
Blockchain will forever be tied to the cryptocurrency bitcoin, and understandably so. That, however, is rapidly changing. CB Insights pointed out in April 2020 that over the three previous years, worldwide spending on blockchain solutions had nearly tripled, and predicted that annual outlays would reach $16 billion by 2023. That same organization went on to list no fewer than 58 businesses the technology could impact — everything from banking (naturally) to ride sharing to entertainment.
This is far from a novel viewpoint. Back in 2019, Computerworld predicted that decentralized ledger technology (DLT) such as blockchain exhibited the same potential once shown by TCP/IP, the very foundation of the world wide web. And indeed, by the end of 2020 top organizations in virtually every sector had implemented DLT.
Here are four sectors in which blockchain could make a particularly significant difference:
- Elections: It is not an exaggeration to say that some of the furor surrounding the 2020 U.S. presidential election could have been avoided by using blockchain — that fraud claims would have been a non-starter if e-voting were in place. It is safe, secure and can be done from home. It allows for accurate tracking and counting, as votes cast on a blockchain leave an audit trail. And the thing is, it has already been tried on a smaller scale, as West Virginia used it in a 2016 primary. In addition, a blockchain platform developed by an organization called Follow My Vote was used in a presidential election in Sierra Leone in 2018, and deemed accurate.
- Healthcare: There are those who wonder if healthcare might not be the ultimate use case for blockchain, given issues like patient misidentification and providers’ inability to safely share data. Another thing to consider is the sheer volume of data that must be processed, particularly during a healthcare crisis like the coronavirus pandemic. Any of these matters can result in errors and unfavorable outcomes, but they can be avoided with blockchain technology. One prominent example is the manner in which electronic medical records can be accessed by multiple parties. In addition, a blockchain startup called Hu-manity has partnered with IBM on a ledger that according to a news release will enable patients to “claim property rights to their personal data,” allowing them to decide who sees it, and when.
- Real Estate: In 2017 the startup ShelterZoom became the first company to introduce a blockchain-based platform in the real estate space, one that according to a release at the time allows all parties “unprecedented speed, convenience, security and transparency” from beginning to end of a transaction. (And note that transparency is a particular pain point in this sector.) Other companies, like Propy and Ubitquity, have followed ShelterZoom’s lead, well aware that in addition to the aforementioned advantages, blockchain solutions greatly reduce the need for paper record-keeping.
- Supply Chain Management: Blockchain enables any party in the supply chain management sector to track a product throughout its journey, which Deloitte notes brings with it many advantages. A manufacturer can, for instance, ensure that its standards are met. Efficiency is improved. Monetary and material losses are decreased. There is less paperwork. Ultimately the consumer benefits from a better product, and one that is delivered in a more timely fashion. That in turn builds brand loyalty.
In short, the sky would appear to be the limit for blockchain, in any number of sectors. Far from being simply a cryptocurrency platform, it looms as a game-changing technology that allows for greater efficiency and security.