Putting Your Trust in Blockchain

“Trust is fragile in a digital world,” write the authors of a new PwC study, Time for trust: The trillion-dollar reasons to rethink blockchain. They note that more than half of CEOs surveyed believe faltering trust is a threat to their organization. Increasingly, companies are wary of cybercrime, fraud, data loss or misuse, and other risks associated with the internet, digital devices and related technologies. The PwC research reveals that blockchain is emerging as a frontrunner to help these organizations build greater trust in their commercial transactions, data security and sharing, certification, and much more.

Blockchain applications are showing up in all sorts of places these days. In the government sector, Followmyvote has been getting a lot of press recently. It’s an initiative to build a secure, mobile voting platform for greater election transparency, lower costs, and higher turnouts. According to the website, through blockchain, Followmyvote will offer citizens a way to mathematically prove election results are accurate, without compromising voter privacy.

In retail, blockchain is giving some customer loyalty programs an overhaul. Loyyal is a framework based on blockchain for the creation of incentives, such as points and miles. It offers brands an innovative way to unlock value, expand marketing capabilities, and personalize offers and promotions with near real-time insights into member behaviors and interests.

Blockchain is also revolutionizing health care, with experts saying total spend on integrating blockchain into the industry will rise to $5.61 billion by 2025. The technology offers significant advancements in storage, management, and access to patience records and medicine-related data. In addition, it’s being used for medicine temperature control and shipments track-and-trace. “Blockchain’s ability to offer transparency around life-changing treatments can build confidence and propel the industry forward,” says PwC’s Anthony Bruce, partner and pharmaceutical and life sciences leader.

Last, but certainly not least, blockchain is saving financial institutions as much as $12 billion annually. Acting as a ledger, blockchain can securely and efficiently record and store financial transactions, enhancing transparency and allowing for digital identity verification. “The question of whether blockchain can disrupt our traditional financial system is no longer the one you should be asking,” Christo Petrov states in TechJury. “Now it’s a matter of when it will take full control.”

Opportunity open to all

“Serious activity around blockchain is cutting through every industry across the globe right now,” says PwC’s Steve Davies, partner and blockchain leader. “It’s driven by an acute need to win trust in the digital world. Businesses are rethinking their operations and are discovering not only is blockchain technology key to delivering trust, but it’s an opportunity open to all.”

Author: Abe Eshkenazi, ASCM CEO