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The blockchain industry, while still in a state of child development, will see booming applications in a wide variety of industries in five years along with continuous technological advances and the most successful blockchain application. it will be able to help industries to create new business models, according to Alexandra Tinsmam, regional manager of North America at NEM, a blockchain platform of intelligent assets based in Singapore.
Tinsmam made the comments by talking to NEM Taiwan Meetup on December 1st. He said that based on NEM user data, blockchain applications will focus on seven main segments by 2023: ID authentication system, decentralized transparent voting system, real estate registration, micropayment services, decentralized autonomous organizations (DAO) ), trading of virtual currencies issued by the government and exchange of data for consumer spending and currency circulation.
Tinsmam went on to say that the blockchain will play a crucial role in the next wave of the technological revolution, with financial, insurance, accounting, corporate management and voting seen as promising fields for blockchain technology applications.
He also stressed that while blockchain technologies and applications will continue to progress, it is very important that governments introduce sound rules to regulate the development of the blockchain industry.
Role of the crucial government
Tinsmam recalled that when he participated in a blockchain summit hosted by the United Nations, he found that many politicians had little knowledge about the blockchain. In this regard, he continued, the sector's blockchain must be pooled to inject industry knowledge into both regulators and the general public, paving the way for the creation of optimal regulations regarding virtual currencies and blockchain evolutions. .
Tinsmam has emphasized that NEM blockchain systems are now well applied to various companies, supported by its business strategies designed to merge the uses of smart assets and simple blockchain access by companies. For example, NEM collaborated with the Japanese government to use its blockchain platform to track detailed records of production origins, breeds and birth dates, as well as related delivery information.
Meanwhile, Flora Fang, head of NEM Taiwan, said Taiwan has great potential for blockchain application development, given its sufficient talent availability and a friendly startup environment.
NEM is the first blockchain to adopt proof-of-important (POI) algorithms, multisignature accounts and encrypted messaging systems, said Fang, adding that NEM Taiwan will work with the government to upgrade blockchain to priority areas such as assistance. medical and financial services industries before materializing more industrial applications in Taiwan based on international blockchain service standards.
Alexandra Tinsmam, regional manager, NEM North America
Photo: Company
