Mr. regulator will accept is as a valid

Mr. William O’RORKE, Legal Team Blockchain Partner, France mentions,

 

 

He further
adds that “until now there is no legal case related to blockchain but soon it
will be and regulator will accept is as a valid proof”. He also provides
insights on energy sector saying, “Blockchain is going to impact the energy
field 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 IoT
objects inform the farmers to put the heater down and the data from the IoT is
encrypted on the blockchain protocol. He firmly believes that there many things
which will only be visible once we fully use blockchain technology. As a first
step, Netherland has first operational and legally certified blockchain
application – Mijn Zorg Log. Thus, Netherland can be seen as a model of blockchain
technology use in future.

 

Ms. Allyson Quijano, Director, Partnerships & Business Development of
Bext360, USA also provided us with an example of the farmers using IoT in
California, Salinas Valley, that is often referred to as the salad bowl of the world1. The
technological innovations have already become a huge part of the farmers’
lives, particularly when it comes to remote sensors and precision agriculture2. The
farmers use IoT connected objects and sensors that tell them how much
fertilizer and water to use and thus they don’t have to waste time driving to a
field and they can optimize their output. All the information collected from
the sensors is being analyzed as average numbers are very important for the
agriculture. Farmers are also using the drones already. As Joe Gunter, Mayor of
Salinas 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-founder
of Bitcomo, Russia, strongly believes
in bright future of blockchain technology in marketing.

 

Consequently,
companies will be able to invest their advertising budget more wisely and
profitably.

 

Although,
there is strong growth prediction for blockchain technology by experts, there
will be few challenges which will require greater attention. The implementation
requires huge investments – financial and expertise. As said by Mr. Antoine YERETZIAN, Co-founder
of Blockchain Partner, France, “Support would be required in terms of tax
benefits and big research programmes”. Further, he mentioned that until entire
linkage of an organization is connected or using blockchain, it is not worth
it. In long term it is expected that financial impact would reduce.

Thus, based
on observations and views of the experts it can be deduced that the future of
blockchain technology shows positive impact on many business models. Key growth
drivers of blockchain technology will be expertise, investment, and legal
recognition. In future, significant blockchain technology footprints will be
seen in Healthcare and retail sectors. Isolated yet impactful application of
blockchain technology can also be seen in marketing, agriculture, etc.
Parallelly, industry will also have to be ready to tackle the challenge such as
legal issues or security to allow smooth implementation of the technology.
 

 

 

 

 

 

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BLOCKCHAIN IN HEALTHCARE INDUSTRY