Blockchain, in short, is an open information recording system where data is secured by encryption and decentralization. This database is managed publicly by multiple nodes, which is known as Distributed Ledger Technology. As a type of DLT, blockchain also deploys hashing technique which keeps data on the chain secured.The blockchain market is growing rapidly, projected to grow to 67.4 billion by the year 2026 at a 68.4% CAGR. Only within the last year, we have seen many new implementation and applications of this very technology. Bellow, we will take a look at the blockchain trend in 2022:
In 2021, supply chain witnessed the fast and efficient implementation of blockchain to the industry. Since 2020, the pandemic has affected tremendously the industry as missing shipment can cause a shortfall production crisis. This is due to the complexity of global supply chain process. However, blockchain can help omit the inherent confusion in this industry by providing data consistency and compatibility as well as tamper-proof data.Reports also show the high demand for product traceability since 2019. By implementing blockchain technology, the supply chain will gain full data transparency as well as provenance. Additionally, the DLT can increase documentation speed and help transform automation process in large scall supply chainExamplesFood industry: Blockchain helps optimize the supply chain in the food industry by reducing food waste, ensuring food safety and traceability.
Going through the pandemic, we must realize the importance in improving our digital voting system.Benefit of a blockchain-based voting system:
Example: Vocdoni helps govern your organization by providing a secure voting system.Thailand: On November 2018, Thai Democrat Party held primary election to elect its new party leader using ZCoin, marking the first large-scale political election carried out using blockchain technology. The vote was concluded with a total of 127,479 votes that came from all over Thailand.
Insurance is the primed industry in blockchain integration. According to CBInsight report, insurance industry suffers more than $40B a year due to frauds. Similar to many others application, blockchain helps the insurance sector to improve efficiency and transparency in the transactions. Moreover, using the DLT’s unique verification ability, companies can have tamper-proof evidence stored in the blockchain.Additionally, some key advantages that blockchain can offers are:
Currently, many applications of blockchain has been developed such as:
Example: Claimshare solving duplicate payouts in insurance.
Although blockchain technology is hard to predict in such a rapidly developed sector, the aforementioned industries will likely stay relevant this year. Proving its worth, blockchain is expected to gain more trust from companies, hence, emerge as the trend setter for the age of digital transformation.