How Blockchain Technology Can Create Transformative Change On A Global Scale

It’s amazing how one year can make a difference with the latest technology trends. Cryptocurrency was once the most talked about and anticipated topic. Since then, many cryptocurrency-based organizations have collapsed. Is this the end of the push for cryptocurrency? Jordan Yallen, Forbes Council Member and CEO of blockchain technology company MetaTope, believes that blockchain technology still has a lot to offer. “We’re already seeing how blockchain technology can transform some of the world’s most important industries, namely, banking and global finance,” says Yallen. “Blockchain technology is expected to have such an impact on global finance that former SEC Chairman Jay Clayton went so far as to say the future of our financial markets depends on successfully adopting it. Goldman Sachs CEO David Solomon has also praised the technology’s impact on financial markets, arguing it has ‘far-reaching implications for the global economy.'” Yallen shares the three ways blockchain technology is creating transformative change on a global scale:

Cancer Research
“Blockchain technology is helping researchers use AI to accurately predict the presence of cancer in patient tissue samples. A new study by researchers at the University of Leeds in the UK used the swarm learning system to train AI algorithms to accurately detect patterns indicative of cancer in images of patient tissue samples from colon tumors. The team used Ethereum smart contracts to allow three physically separate computers to simultaneously update AI model weights at a designated time without first having to pass the data through a centralized authority.”

Governance
“Blockchain technology is helping governments secure their data and improve various systems. Estonia’s KSI Blockchain has been around since 2012 for everything from issuing Smart ID cards to storing healthcare data. Blockchain technology also underpins Estonia’s land title registry system, creating a secure and publicly verifiable record system for residents to assert property rights. The U.A.E. has also gone all in on blockchain technology in 2016, when they announced the Dubai Blockchain Strategy, an ambitious project to execute all government transactions using blockchain technology and create the world’s first “blockchain-powered city.” The government followed that in 2018 with the Emirates Blockchain Strategy 2021, taking an even more ambitious goal of accomplishing 50% of all national government transactions via blockchain technology. In January of this year, California, home to the most car registrations in the U.S., announced it will be bringing its car title database onto the Tezos blockchain, allowing drivers to hold their car titles as NFTs and streamlining title transfers.”

Logistics
“Blockchain technology is helping logistics companies keep track of shipments as they navigate the increasingly crowded global supply chain. Tech giant Oracle offers Intelligent Track and Trace, a SaaS tool that gives businesses a pre-built blockchain application to track shipments from start to finish. Decentralized blockchain oracle network Chainlink takes things a step further, enabling hybrid smart contracts that communicate with real-world data and services outside of blockchain networks. Chainlink lets companies using blockchain technology give access to off-chain data sources while retaining the blockchain’s security and reliability features. This means logistics companies using one blockchain to track their shipments and another for payments can have the two blockchains communicate and share data, creating more efficient and reliable processes.”

Yallen concludes that Blockchain’s dominance seems inevitable in most, if not all, major global industries. This technology allows for a more more secure, reliable, and efficient business system, and organizations should look for ways to adopt the technology where appropriate.

 

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