Blockchain advocates have long been excited about distributed ledger technology’s potential for cybersecurity, financial services, the Internet of Things (IoT), real estate and supply chain management. As we look ahead to 2023, some other interesting markets are worth watching for the latest trends in blockchain usage. Here are four industries I believe will accelerate blockchain adoption to their great benefit.
Cloud services
The worldwide market for public cloud services, including infrastructure-as-a-service, platform-as-a-service and software-as-a-service, generated $408.6 billion in 2021 revenue, according to International Data Corporation. While the cloud services industry is still young, this tremendous growth is driving innovation. For example, “cloud storage is another sector that blockchain could electrify and change. Traditionally, cloud storage companies allow users to purchase a certain amount of storage that is usually sold per terabyte,” explains a recent article on InvestmentBank.com. It also stated that “blockchain technology provides users with a means to store information on a peer-to-peer network. A cloud storage platform can be operated by the nodes that help facilitate transactions. The nodes would give up storage on their computers to the consumer, but the node owners would be compensated by the consumers for storing their data.
More generally, for cloud services, blockchain provides greater privacy and security features. When cloud computing is integrated with blockchain technology, the main issue of security and privacy is addressed. Deleting data from one computer does not delete data stored on other devices on a blockchain network. As a result, there is no risk of data loss or changes. Data on a blockchain cannot be removed. Such increased privacy, security and automation can rapidly advance cloud computing – not only providing greater benefits for consumers, but potentially reducing costs and overhead for providers.
The authorities
Governments are likely to start implementing distributed ledger technology (DLT) systems that will replace traditional paper-based systems. The migration to digital data systems has been going on for quite some time, but DLT has greater advantages that provide better trust, transparency and security via encryption and validation functions.
Public organizations can easily improve component communication and administration with the innovative use of blockchains. For example, blockchain can improve:
• Form processing and chain-of-custody tracking of public documents
• Identification and elimination of errors in public documents, as well as reduce tampering and detect forgery.
• Operational efficiency by eliminating paper-based records.
• Cost control by reducing the costs of manual processing of applications, forms and documentation of all kinds and instead implementing digital records stored on the blockchain.
Law
As blockchain transforms government, it will transform the law and legal services. There are many ways blockchain technology is already transforming legal services. Smart contracts, dispute resolution, IP rights…where the blockchain can support proof of creation, first use and rights management, and can track distribution. This ultimately prevents copyright infringement and enforces mitigation via time-stamped copies of work, helping claimants if they appear in court.
Meanwhile, contract lifecycle management solutions help lawyers manage the complex and evolving nature of contracts – making them more efficient in producing, executing and maintaining contractual agreements. As transactions and records move to digital workflows, digital signing ceremonies and digital storage, blockchain will be a boon for law firms and legal departments in 2023 and beyond.
Identity
Finally, with the transition to digital commerce and communication, our individual identity—as mapped onto digital worlds—is increasingly important to control and authenticate. Identity systems are currently flawed in a number of ways. They are porous, operate in isolation and are prone to failure. Blockchain systems can solve these problems and provide a single source to verify identity and assets. Blockchain identity can also offer a type of “self-sovereignty” that hasn’t existed before. This desire for control over one’s personal information – and digital data across platforms – is at the heart of Web3. While Web3 starts with blockchain, its ambitions and scope will spread far across the Internet, metaverses, and shared networks.
From cloud services, cyber security and IT to financial services, government, healthcare, legal services, real estate, supply chains and other industries, blockchain is changing how we do business, share information and identify ourselves. These trends are just the beginning, and the possibilities for blockchain to improve the privacy and security of our digital data will flourish for years to come.
Shamsh Hadi is the CEO and co-founder of ZorroSign
Read: Crypto Valley Association, Crypto Oasis join forces to boost blockchain development in the Middle East
