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:
- Supply chain
- Digital voting
Blockchain in supply chain
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 chain
Food industry: Blockchain helps optimize the supply chain in the food industry by reducing food waste, ensuring food safety and traceability.
Blockchain for Digital voting
Going through the pandemic, we must realize the importance in improving our digital voting system.
Benefit of a blockchain-based voting system:
- Identity assurance: Voters will not need to reveal their personal information or political preference to the public
- Efficient in speed and quality: A consistent digital system can help speed up the traditional documentation process.
- Reliability and security: The system can be set up so that each ID is attributed to one vote. In that case, officials and have the certainty in the vote counts. Moreover, data in the blockchain is immutable. This means that, once submitted, the votes cannot be manipulated. Using DLT, voting systems can benefit from being transparent, decreasing corruption and fraud.
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.
Blockchain in Insurance
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:
- Implication and automation of transaction submission
- Reduction in fraud loss
- Insurance in evidence traceability and provenance
- Enhancement in customer experience with no manual inspection
Currently, many applications of blockchain has been developed such as:
- Fraud detection and risk prevention
- Property and casualty insurance
- Health insurance
- Life insurance
Example: Claimshare solving duplicate payouts in insurance.
In the year 2022
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.