Mr. William O’RORKE, Legal Team Blockchain Partner, France mentions, He furtheradds that “until now there is no legal case related to blockchain but soon itwill be and regulator will accept is as a valid proof”. He also providesinsights on energy sector saying, “Blockchain is going to impact the energyfield in the future (as at the moment there are a lot of initiatives, i.e.Startum which create energy network with blockchain technology). Mr.
MEGCHELEN cites an example of an application in pig farms – the connected IoTobjects inform the farmers to put the heater down and the data from the IoT isencrypted on the blockchain protocol. He firmly believes that there many thingswhich will only be visible once we fully use blockchain technology. As a firststep, Netherland has first operational and legally certified blockchainapplication – Mijn Zorg Log. Thus, Netherland can be seen as a model of blockchaintechnology use in future. Ms. Allyson Quijano, Director, Partnerships & Business Development ofBext360, USA also provided us with an example of the farmers using IoT inCalifornia, Salinas Valley, that is often referred to as the salad bowl of the world1.
Thetechnological innovations have already become a huge part of the farmers’lives, particularly when it comes to remote sensors and precision agriculture2. Thefarmers use IoT connected objects and sensors that tell them how muchfertilizer and water to use and thus they don’t have to waste time driving to afield and they can optimize their output. All the information collected fromthe sensors is being analyzed as average numbers are very important for theagriculture. Farmers are also using the drones already. As Joe Gunter, Mayor ofSalinas said, “Using these technologies farmers are going to make more money,but they’re also going to be able to feed more people.3” Ivan KARADZHOV, Co-founderof Bitcomo, Russia, strongly believesin bright future of blockchain technology in marketing. Consequently,companies will be able to invest their advertising budget more wisely andprofitably. Although,there is strong growth prediction for blockchain technology by experts, therewill be few challenges which will require greater attention.
The implementationrequires huge investments – financial and expertise. As said by Mr. Antoine YERETZIAN, Co-founderof Blockchain Partner, France, “Support would be required in terms of taxbenefits and big research programmes”. Further, he mentioned that until entirelinkage of an organization is connected or using blockchain, it is not worthit. In long term it is expected that financial impact would reduce.Thus, basedon observations and views of the experts it can be deduced that the future ofblockchain technology shows positive impact on many business models. Key growthdrivers of blockchain technology will be expertise, investment, and legalrecognition.
In future, significant blockchain technology footprints will beseen in Healthcare and retail sectors. Isolated yet impactful application ofblockchain technology can also be seen in marketing, agriculture, etc.Parallelly, industry will also have to be ready to tackle the challenge such aslegal issues or security to allow smooth implementation of the technology. 1 BLOCKCHAIN IN HEALTHCARE INDUSTRY