Blockchain becomes local (a bit, anyway)

The cases of use grow with blockchain and while the titles focus on government initiatives on a large scale and where distributed ledger technology (DLP) could be direct, the fact remains that smaller projects are gaining ground. Looking case by case, state initiatives (or local outside the United States) show some possible ways in which the DLT could at least, according to its supporters helps to transform daily activities.

More light is spread over these use cases, more blockchain can go beyond traditional boundaries simply by working in conjunction with cryptocurrencies.

Ballots Over Blockchain [19659009] Last week came the news that a pilot program in West Virginia is watching the polls. The state, according to Mashable, has entered into a contract with the Massachusetts-based company, Voatz, to make available cards for troops stationed abroad via mobile devices. This technology-based election option could debut as soon as this year in the mid-term elections, and the app's activities will be recorded on a blockchain. The site reports that, to use the app, these troops will have to send photos that show documents and provide videos of themselves to ensure that the person in the video matches the ID. Critics demand that the blockchain-based initiative is still vulnerable to hacking.

Even at the state level, Ohio seems ready to embrace the blockchain. At the end of last week, Governor John Kasich signed a law that will promote blockchain efforts, extending record keeping in a number of vertical industries, such as supply chain management. The legislation could stimulate the expansion of the blockchain research and development efforts within the state, and the Dayton Daily News said that the state is notable, in part, for its efforts. "smart city" based in Colombo. Ohio is also the fifth hub for the financial services sector, counted at the state level.

Healthcare, to the smallest (genomic level)

It does not become much smaller (or more local) than the genomic level. Beyond the United States, in South Korea, the biotech company Macrogen said that it is working on the development of a genomic blockchain platform, Big Data that will help in the collection of medical / health data. It can also help in the diagnostics and customization of medical care, which is obviously important for health services and pharmaceutical companies. The platform is scheduled for debut in about a year.

Even in South Korea, and on a local scale, the country's Blockchain Enterprise Promotion Association said local governments should regulate the blockchain, with the goal of becoming a leader in what has been called the "Fourth industrial revolution ", and where jobs can be created.

Blockchain … And Big Bucks

Summed up enough of those small projects and it seems that even the dollars add up. The world's six-month blockchain spending guide, recently withdrawn by International Data Corporation (IDC), said blockchain spending will see a compound annual growth rate (CAGR) of 77% until 2022. The bill is $ 1, 5 billion for this year and could hit $ 11.7 billion in four years. Of this amount, the United States will have about 36% of the cake and the financial sector will have the biggest share at $ 552 million this year, followed by distribution and vertical services at $ 379 million.

Not surprisingly, the financial services sector will see a favorable wind from the adoption of technologies by banks with growth also from Western Europe, Africa and the Middle East and the distribution will get a boost from retail and services businesses, IDC stated in his report. In terms of growth rates, on a compound basis, Japan and Canada will be leading the group with growth rates of 109% and 87%.

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Join Amir Wain, founder and CEO, i2c and PYMNTS CEO, Karen Webster, Thursday, August 9, 2018 at 13:00 (EDT)


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