Blockchain technology has massively disrupted various industries. From finances to health to industrialization, it’s quite apparent that this is the technology of tomorrow. Recently, leaders in this particular space met in Wuhan China for the World Blockchain Conference. This is to discuss the state of affairs and how to move forward given the current environment. The recently concluded summit attracted more than 2,000 people who were at the grounds and about 50,000 more watching via live stream. Among these people were about 29 enterprise officials, six local government outfits, and more than 120 students from the local Chinese colleges which made it one of the largest blockchain events in the East.
Themed “Trust Future”, the event was hosted by one of China’s leading blockchain news outlets 8BTC in coordination with the Wuhan Municipal Government. This year, three special sessions covered the most pressing and controversial issues in the crypto world. These issues include blockchain technology and its impact on open finance, blockchain talents, big data, distributed storage, and crypto-assets.
Integration of the digital economy
Covid-19’s impact on the economy has been well documented. In a bit to curb the spread, more people have moved onto the digital space to get their work done and stay connected with friends and colleagues from around the world. Blockchain technology has several unique advantages that help it to better adapt to a society embracing a digital economy. For instance, leveraging digital currency means that a business can sell its wares across borders without having to worry about the expensive nature of the traditional cross-border transfer of funds. This means that a business can create products that can be used internationally without worrying about certain logistical challenges.
Implementation of blockchain technology in various fields
China is one of the countries that have fully recognized BTC (Bitcoin) and other altcoins as fully-fledged assets and as such have placed mechanisms in place to help their citizens pay for almost anything using digital currency. A while back, people used conventional banking to transfer funds to China which is a big industrial hub. As such, the corresponding fees were outrageous. With blockchain technology but, the peer-to-peer transfer of funds is fast and with very low charges making it an ideal choice.
Public sector and governance
In a bid to be more efficient and serve the populous better, Wuhan has implemented blockchain technology in certain areas such as record keeping. One of the biggest challenges here is when it comes to inefficient record keeping. By implementing blockchain technology, the government reduced fraud and corruption since the records on this sort of system cannot be edited secretly. This irrevocable ledger is also instrumental in keeping a proper record of vehicle registries, digital identities, and even government disbursements.
Since hospital records are a protected class of documents, they greatly benefit from the secure nature of blockchain technology. In Wuhan in fact, the medical sector was one of the earliest adopters looking to safeguard records and make their retrieval a lot easier. Here, blockchain is used to keep medical records such as simple medical bills to correspondents between doctors. The cryptographic nature of blockchain technology helps keep the data safe plus the immutable nature of these records makes dispute resolution that much easier.
The infrastructure of blockchain technology creates a lot of space that can be used in various ways. One such way is by simplifying legal matters. Smart contracts which are essentially protocols give rise to trustless transactions that are fully automated and can be relied on. These contracts are essentially watching whether certain conditions have been met so that an action can be activated. This not only makes things a lot easier because there is little to no supervision and also eliminates fraud.