Blockchain technology has been developing steadily since its emergence in 2008. Primarily associated with financial transitions, the underlying technology is based on the decentralized but highly secure transfer and storage of data. By making use of encryption techniques, it creates a collectively verified chain of transactions that can be verified against themselves. These units of data, or “Blocks”, collate together in a linear sequence, or “Chain”. The inventive aspect of this system is that it doesn’t require human intervention to implement the process, removing the risk of bad actors or human error.
Since its inception, this technology’s potential has been tested, explored, and implemented across industries, particularly those that require a high degree of trust and confidence from all stakeholders. As business and technology leaders see the potential of this technology, several organizations have made significant impacts in just the first half of 2023, potentially sparking the year of blockchain entering mainstream use.
- Supply Chain Management: SIMBA Chain
After completing their previous project to integrate blockchain into the United States Department of Defence, SIMBA Chain has been awarded a further $30 million of investment from the United States Air Force. This investment will allow them to develop blockchain applications for logistics and supply chain management. Their systems integrate the tracking of vital components through the USAF supply chain and combine this with improvements to the accounting process to ensure budget integrity.
- Voting: EazyVC
Based in India, a country with over 1.4 billion citizens, EazyVC specializes in working with government and regulatory bodies to support secure and transparent voting systems. By building their system on top of authentication and verification of blockchain actions, EazyVC can practically eliminate fraudulent and double voting. They also allow for tailoring their systems to allow for weighting of influence and additional mechanics that might be indeed to manage a multi-faceted voting system.
- Consumer Confidence: Estée Lauder
Responding to consumers becoming more mindful of their impact on the world, Estée Lauder has integrated blockchain tracking into their supply chain of ingredients. Due to the nature of some ingredients, many companies have struggled to ensure their chain doesn’t result in unethical activity. By having consignments linked to tamper-proof data on a blockchain, they are able to track and verify each bundle of vanilla from producer to consumer.
- Business Actions: Exxon Mobil
Governance between multiple stakeholders, something familiar in oil exploration, can be complex. Previously using paper ballot systems for collaborative decision-making, Exxon Mobil has adopted the Corda blockchain to allow for faster and more secure voting between stakeholders. As a result, disputes and delays in action can be reduced significantly, while keeping the system protected from potential outside interference.
- Real Estate Transactions: Unlockit
Due to the need for verification, compliance, and the involvement of multiple parties, Unlockit recognized the potential for blockchain to support the real estate industry. The use of smart contracts ensures the integrity of transitions and increases their efficiency. The verification process also provides a verified record of transactions to bolster confidence in the transaction and support regulatory compliance.
Blockchain In 2023
With just these projects as an example, it is clear that blockchain allows for a greater level of verifiable trust, both within companies and down to the individual level. The adoption by major institutions also gives the technology access to significant amounts of investment and expertise that allow it to be refined and improved upon over time.
Now that there has been a period of discovery, adoption, and refinement, blockchain is now set to expand across everyday life. The successful implementation and continuing investment into different blockchain platforms show a clear interest from business leaders and investors. Indicating that blockchain is on track for rapid expansion in the coming year, and beyond.