It is easy to dismiss the-blink-and-you-miss-an-ICO phase of crypto or the highs and lows of the bitcoin frenzy in the past two years as being purely speculative. However you could easily miss a trick if you ignore the happenings with underlying technology – blockchain. This game changing innovation is unleashing a revolution around us at warp speed.
Majority of tech giants including IBM, global banks like Goldman Sachs, universities around the world, tens of thousands of entrepreneurs and major venture capitalists (VCs) are all diving headlong in to the burgeoning innovation scene. https://blocklr.com/blockchain/patent-owners/ – however the real star backers of the whole blockchain revolution seem to be governments – oft-criticized as technological laggards – taking giant strides to get on board.
This is significant, as blockchain is all about decentralization and giving power to end users without the need of a central authority. This then begs the question: why are governments, central banks and other institutions backing blockchain? Are they cluelessly digging their own graves? The answer lies in the capability of blockchain to solve a myriad of challenges that no other innovation seems to solve as reliably and easily.
From boosting land registry efficiency, to creating validated healthcare records, to reliable citizen identity registries for the poorest of the poor, to ensuring clean and fair elections, blockchain is shaping up to be a panacea for the multiple ills that governments and large institutions the world over suffer from. These large institutions want to make their lives and the lives of their stakeholders easier, so it’s not unsurprising that blockchain is making waves.
The first sign that blockchain was going to be a winner came from this 2015 World Economic Forum report http://www3.weforum.org/docs/WEF_The_future_of_financial_infrastructure.pdf. The World Economic Forum went into overdrive in 2016 to back blockchain and proclaimed how blockchain would become the “Beating heart of the global financial ecosystem”. https://www.weforum.org/press/2016/08/blockchain-will-become-beating-heart-of-the-global-financial-system/
Playing catchup, the World Bank then joined the fray in 2017 and emerged as major backer, establishing a dedicated blockchain lab https://www.coindesk.com/end-poverty-restore-trust-world-bank-dives-into-blockchain-with-lab-launch .
Since then, multiple studies, sighting the transformative power of blockchain have emerged. http://documents.worldbank.org/curated/en/177911513714062215/Distributed-Ledger-Technology-DLT-and-blockchain . This has produced an amazing amount of universal government support, which in turn has bolstered industrial take up. The infographic below is illustrative.
Beginning with government initiatives in 2016 https://www.computerworlduk.com/galleries/applications/how-governments-are-using-blockchain-3680393/ to launching the first bond on Blockchain by the World Bank in 2019 https://www.reuters.com/article/us-worldbank-cba-blockchain/world-bank-launches-world-first-blockchain-bond-idUSKCN1L80DP, – it is all happening and the spending looks like it’s increasing exponentially.
Just in the way that Transmission Control Protocol (TCP) and the Internet Protocol (IP) evolved to drive the internet revolution, blockchain seems to be emerging as clear winner, maturing at a fast clip. No wonder then, there is tremendous excitement around emergence of the Industrial Revolution 4.0 with blockchain at its core. CapGemini confirms has a great explainer here: https://www.capgemini.com/au-en/wp-content/uploads/sites/9/2018/10/Blockchain-and-Industry-4.0.pdf
What do you think – are the governments doing enough? What more can be done?CHGToday.com, part of CrowdHub Group is tracking this exciting technology and other game changing innovations, slated to revolutionise the world. Stay abreast with it all as CHGToday brings you the latest developments and works with communities and entrepreneurs to help fast forward the adoption. Subscribe to the newsletters at www.chgtoday.com/newsletter