Building the Future of Blockchain
Global blockchain adoption continues to accelerate as more enterprises and governments recognize its potential transformational benefits including greater efficiencies and security transparency, among many other advantages. As digital transformation trends surge and are further embraced globally in response to the global COVID-19 pandemic, companies providing or benefiting from blockchain processes stand to profit as their businesses capitalize on the power of the blockchain platform.
Linking Blockchain to Opportunity
A recently published World Economic Forum (WEF) report further supported the benefits of blockchain. The report suggested blockchain technology is a key solution that can help restart the global economy by addressing various inefficiencies and the lack of transparency in global supply chains. The food, pharmaceutical and medical supply industries have seen significant disruption during the current pandemic and have specific challenges that can be addressed by utilizing this technology. To better address the challenges these industries face, the WEF subsequently released a blockchain toolkit designed to help business and government leaders deploy blockchain-based solutions.
The use of blockchain could also revolutionize how goods are imported and exported. One prevalent auto manufacturer recently finished a pilot program with logistics providers testing a blockchain-based application, which expedites the cargo release process and creates a real-time exchange of shipment data. Typically, cargo can be held up for days in a shipping terminal as most work is paper-based and significantly slows the transfer of ownership. The adoption of this technology by highly regarded companies that are especially known for business optimization signals an inflection point in broader-based adoption. We have seen an increase in technology companies entering the blockchain universe as more companies are actively promoting the technology as part of broader technological offerings.
Lastly, there has been meaningful growth in blockchain use cases in China. We are excited by this development, as a core tenant of a blockchain system is the establishment of transparency and trust between transacting parties. In late April, China officially launched a major new blockchain initiative called the Blockchain-based Services Network (BSN). This groundbreaking infrastructure technology plan is expected to provide interconnectivity for many aspects of the country, including governments, companies and individual citizens. The BSN will not only have local application opportunities, but will also be used to form the backbone of the Digital Silk Road, allowing for better interconnectivity between China and their global trade partners. This network will provide a trusted and transparent way to share data, value and digital assets.
The global proliferation of blockchain is encouraging as its potential benefits are many and far-reaching. This rapid growth was recently highlighted by one prominent technology CEO, who commented, “We’ve seen two years’ worth of digital transformation in two months.” He is just one of many CEOs who echo similar sentiments, which gives us confidence that these powerful trends are well underway.
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