Blockchain Disruption-Would you like to know with certainty that citizens, customers, employees and patients are who they say they are? Would you like to share relevant data with customers and partners, while at the same time keeping it secure? Would you like an easier way to root out fraud and troubleshoot supply chain problems? Would you like all your suppliers to perform as well as your best ones?
If your answer is “yes” to any or all of the above questions, blockchain technology may be for you.
Before I go on, I should add that while my title is chief technology officer, I firmly believe businesses and organizations should focus on solving business problems as opposed to adopting new technology. That said, blockchain can address many business challenges. That’s why worldwide blockchain solution spending is expected to hit roughly $2.9 billion this year and reach $12.4 billion in 2022.
Here are five industries that can contribute to that spend that are poised for blockchain disruption.
1. Health care And Life Sciences
This industry has two big problems blockchain can address.
One is the need to securely exchange patient records, which contain a treasure trove of personal information in an insecure and distributed world. Whenever you have a distributed health care system in which services come from various hospitals and other organizations and many insurance companies are involved, securing patient records as well as automating their exchange can be especially problematic.
Blockchain addresses that by leveraging an advanced cryptographic technique and creating a record that cannot be changed. As a result, all authorized parties that access the record can trust that it’s legitimate. Also, the smart contract capability in blockchain can be leveraged to translate those records to a common format, which can then be securely exchanged — thereby saving costs, time, and enhancing patient security and convenience.
The second big health care and life sciences challenge that blockchain can help address is fraud.
Medicines are expensive, which creates greater potential for fraud in the form of counterfeit drugs. And counterfeit medicine can be ineffective or even downright dangerous. Estimates suggest that as many as 100,000 to 1 million people die annually from counterfeit drugs.
Blockchain helps to prevent the entry of counterfeit drugs, medical devices, and other goods by providing visibility and quality assurance into transactions related to these goods all along the supply chain. It also ensures that clinical processes are auditable. As a result, data can be checked and it’s easy to spot any irregularities.
2. Supply chain
The supply chain sector itself is poised for blockchain disruption. As noted above, blockchain can help supply chain participants spot and remove counterfeit goods and otherwise reduce fraud. Blockchain also can streamline the flow of goods and allow for more efficient cross-border trade.
That’s noteworthy, as IDC says cross-border payments and settlements will garner $453 million in investment this year — the largest of any blockchain use case.