Blockchain technology carries tremendous benefits and solves real-life problems. Some of these problems are already solved with numerous enterprise blockchain solutions worldwide. However, blockchain’s untapped potential does not stop there, as rapid and widespread adoption is yet to come. This year, people may start to see more tangible effects of blockchain growth.
One of the blockchain events of last year shed light on blockchain growth and how countries are already preparing themselves for this explosion. The VIP Reception event in Ras Al-Khaimah in the United Arab Emirates (UAE) focused on BSV blockchain’s adoption in the Middle East. The BSV Blockchain Association spearheaded the event and showed how BSV blockchain’s massive scaling can be used for diverse ways in the private and public sector.
The reception was held at the InterContinental Ras Al Khaimah Resort and Spa, featuring an exclusive invite-only guest list. The guest list includes influential individuals who are key decision-makers in the Middle East, C-level executives, members of the Royal family, and select members of the press.
Parimal Priyadarshi, the Vice President of technology consulting services firm Nu10 Technology, started off the discussions by saying that blockchain “effectively brings three Ts to the table—trust, traceability, and transparency.” Once information is recorded on the blockchain, it becomes a permanent record as blockchain data is immutable.
Blockchain, especially a public one, brings trust due to it being open to the public and having no centralized authority. Traceability is thanks to blockchain’s immutable ledger which logs all activities within the database. Lastly, transparency, which is also brought by the immutable ledger, is due to the lack of central authority and the logs within the immutable ledger.
The three Ts are important to all sorts of enterprises, as according to an estimate report from Inc. Magazine, American companies lose about $600 billion yearly to counterfeit goods. This security issue is a challenge that blockchain traceability, trust and transparency can minimize and even eradicate in the future. Law enforcement agencies are enabled to trace any illegal activity with accuracy back to the offender.
Priyadarshi estimated that the global economy will be improved by $1.6 trillion in the next seven years as both the public and private sectors transition to blockchain-based platforms and applications. He specifically highlighted India as a country that will benefit from this, as it is “well-poised” to see its economy rapidly expand in the coming years, thanks to its widespread use of blockchain.
For instance, the Tea Board of India, the state agency that oversees tea trade, plans to adopt blockchain to help increase traceability across the entire supply chain. The agency faces a degradation in the quality of tea being produced, and they plan to use blockchain’s traceability to monitor the supply chain and ensure quality is maintained in every step of the tea-making and delivery process.
The long list of blockchain’s benefits to different sectors goes on and on. With the power of credible professionals and experts that feature in blockchain events, the capabilities of a scalable blockchain will be fully highlighted and its growth empowered.
Register now for the London Blockchain Conference to be held on May 31 to June 2 at the Queen Elizabeth II Centre to understand better what a scalable blockchain can do for governments worldwide, as well as big and small enterprises.