Despite the pandemic, the Blockchain industry is continuing its march to its main goal of transforming industries and large-scale economic participation through the vision of an unprecedented industrial efficiency.
As for the concept of the “Great Reset” championed by the World Economic Forum on reimagining the purpose of technology in helping sustainable and ethical capitalism, Blockchain will play a huge part with its ability to time-stamp, parallel serial tracking of the process and indelible record of transactions that can’t be altered to mask unwanted activities.
This year, Blockchain saw a mainstream coverage in health information due to the pandemic. The challenge was to handle personal health information to be processed in a permissioned network on a trusted collaborator setup between healthcare agencies, doctors and state-side information in an agile response model in the hopes of curbing the pandemic.
Furthermore, the discussion of integrating health or medical history to passports were also discussed as the pandemic subsided as borders were just as focused on health credentials just as with their responsibilities on travel credentials. This use case mentions the use of digital identities over a permissioned Blockchain that operates within a cross-border approach with multiple diplomatic and immigration offices involved.
In a world that was caught unaware by the pandemic, Blockchain and its proponent industries have utilized the disruption wave to ingrain innovation. In 2021, Blockchain can champion a responsible economic development in the grassroots basing on the following:
Sourcing and Production at Grassroots
Through Blockchain’s ledger entries, the proposed supply chains as use cases will feature a transparent but permissioned state where sourcing of raw materials will be carefully tracked basing on factors such as local limits and ethical practices for manufacturing. By addressing source and grassroots acquisition of resources, the entry of materials is regulated basing on expected harvest and avoids infusion of unverified materials, thus preventing unethical means of acquisition.
Transparent Supply Chain
The integration of Blockchain on Supply Chain allows an unprecedented level of efficiency at the forefront of automation where shipping and logistics are one-step closer to resemble that of the fourth industrial revolution where other integrated technologies such as the Internet of Things and Robotic Processes will be governed by Blockchain – therefore it will deviate from the humans as actors on key processes. Blockchain on Supply Chain will also help curb port and ship smuggling through a permissioned network set of operation protocols that can verify each parcel of ship groups.
Decentralized Free Markets
The market will also flourish from Blockchain being linked with the globe’s biggest supply chain, logistics and shipping lines. With that inter-connectivity, even local producers can be players on the regional and global markets where transparency of the capital trade market on export, import and asset trading will be transparent on these permissioned network consisting of meshed economics.
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