The impetus for such a move is the increasing amount of online business, which is being fueled by the ongoing COVID-19 pandemic.
The entire blockchain industry is projected to achieve considerable growth in the next few years. Revenue for the industry has dropped 7.27% in 2020. However, The Business Research Company, per Nikkei Asian Review, estimates that overall revenue will increase from US$2.27 billion [AUS$3.13 billion] this year to an eye-opening $15.88 billion [AUS$21.9 billion] in 2023.
Industry insiders say the coronavirus pandemic is pushing the increase in digital data, such as documents. This is due to people looking to limit person-to-person contact and dealing with stay-at-home orders.
Tomohiro Maruyama, senior manager of PwC Consulting, believes more businesses should adopt blockchain technology once the current crisis is over. He adds, “Internet piracy has posed a major challenge for companies as they look to digitize operations. Blockchain emerged as a solution for fighting digital counterfeits, pushing businesses to adopt the technology.”
The business world has noticed the proven ability of distributed ledger technology to protect against hackers and counterfeiters. Kenta Akutsu, CEO of Japanese startup LasTrust, says, “We’ve received lots of inquiries since the coronavirus outbreak.”
LasTrust has a platform that offers digital graduation certificates and transcripts. Kenta Akutsu says interest in using blockchain by schools was already in place but that the “the pandemic forced them to move quickly.”
Many businesses are finding distributed ledger technology useful in enhancing their operation and bottom line. One such industry impacted by this innovative technology is food distribution. Many customers are now interested in where their food comes from and having access to data showing the product’s entire journey through the supply chain.
Some people worry about food coming from areas heavily impacted by COVID-19. Shunji Murakami, vice president at Seafood Legacy, a seafood consultancy firm, notes that “the need for traceability will increase more than before.”
Some governments and political parties are turning to distributed ledger technology for voting to increase voter safety during the pandemic. South Korea is using a blockchain-powered app to help track COVID-19 infections, as well as cutting down on underage drinking by linking the app to the license verification system of the Korean Highway Traffic Authority and National Police Agency.
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