According to DCI, the global blockchain market is expected to be worth $ 20 billion by the end of 2024
It is even estimated that 69 percent of banking institutions are experimenting with technology to integrate it into their businesses
However, its use cases as a secure and reliable database transcend far beyond the financial environment.
For years, Bitcoin has been recognized by countless agents in the world as one of the most important technologies in recent years. It has not only become an ideal investment product, thanks to its high value and resilience to shocks. It also still promises a financial environment where transactions can take place, without the supervision of intermediaries, anywhere in the world. But perhaps his greatest inheritance going forward will be the blockchain.
This technology basically allows giving a new level of security to databases. According to Investopedia, a blockchain allows information to be stored and recorded in blockchains, hence its name. The above is not only crucial for anyone to review the entire history of a particular system. It also makes it impossible to manipulate information in the future when implemented in a decentralized way.
This makes it a perfect technology to support a system like Bitcoin, which requires a solid transaction record even if there is no reliable central agent. But it can also be used for other uses. Endless theoretical cases, with a couple of practical projects, have been proposed over the years. But according to IBM, 2021 could become the year of the blockchain, because of the way it is being used for the new normal:
Blockchain digital credentials to return to work
Many officers have proposed creating immunization “passports” to allow people to slowly return to workplaces. However, its implementation could prove complicated without a reliable and unalterable system that can be consulted from any place and time. In this sense, the underlying technology of Bitcoin has been proposed to create records about the immunity of people to let them go back to work.
A transparency system for AI
It is increasingly common for companies and organizations to use algorithms and other types of software to automate tasks. However, many have not hesitated to point out that Artificial Intelligence (AI) can act in “mysterious” and non-transparent ways. With the help of a blockchain system, all the decisions and logic of this type of project could be recorded. And in this way, let regulators and consumers have greater clarity.
Visibility of supply chains with blockchain
The underlying technology of Bitcoin is uniquely suited to provide greater transparency to the complex supply processes of many companies. This is especially true in industries such as food. More and more brands want to know exactly where the products that ultimately reach their customers are coming from. Blockchains are perfect for solving this visibility challenge, especially in a post-COVID environment.
Fair and efficient supply of vaccines
In many countries, including Mexico, it has proven to be a logistical nightmare to put vaccine doses in the hands of patients and the public. Even a mistake like sending more units than can be processed to a health center can cause hundreds of doses to go bad. With the blockchain, not only could more responsible supply chains be created. It could also reduce the circulation of false and harmful drugs.
Blockchain for asset tokenization
Certain material goods, such as real estate, works of art, raw materials, technological equipment and a myriad of products, are difficult to move and manipulate. With the help of digital tokens, it is not only much easier to take them into account in processes such as inventories and transactions. If blockchain technology is added, it will be remarkably difficult for assets to be counterfeited that could lead to errors or scams in the general market.