blockchain

Blockchain trends to look for in 2023

Blockchain advocates have long been excited about the potential of distributed ledger technology for cybersecurity, financial services, the Internet of Things (IoT), real estate, and supply chain management. As we look to 2023, some other interesting markets are worth keeping an eye on the latest trends in blockchain usage. Here are four industries that I believe will accelerate blockchain adoption to their great advantage.

cloud services
The worldwide public cloud services market, including infrastructure-as-a-service, platform-as-a-service, and software-as-a-service, generated $408.6 billion in revenue in 2021, according to the International Data Corporation. While the cloud services industry is still young, this exponential growth is driving innovation. For example, “cloud storage is another sector that blockchain can transform and change. Traditionally, cloud storage companies allow users to purchase a certain amount of storage that is generally sold by terabytes,” explains a recent article on InvestmentBank.com. He also stated that “Blockchain technology provides users with a way to store information on a peer-to-peer network. The cloud storage platform can be powered by nodes that help facilitate transactions. Nodes will give up storage on their computers to the consumer, but the contract owners will be compensated by the consumers.” to store their data.

More broadly, for cloud services, the blockchain offers greater privacy and security. When cloud computing is combined with blockchain technology, the main issue, security and privacy are addressed. Deleting data from one computer does not erase data stored on other devices on the blockchain network. As a result, there is no risk of data loss or alteration. The data on the blockchain cannot be removed. Such elevated privacy, security, and automation could rapidly enhance cloud computing—not only delivering greater benefits to consumers but potentially lowering costs and overheads for service providers.

Government
Governments are likely to start implementing distributed ledger technology (DLT) systems that will replace traditional paper-based systems. Migration to digital data systems has been going on for some time, but DLT has greater advantages that provide better trust, transparency, and security via encryption and validation features.

Government organizations can easily improve foundational communications and management through the innovative adoption of blockchain networks. For example, blockchain can improve:
• Processing forms and tracking the chain of custody of government documents
• Identifying and eliminating errors in government documents, in addition to limiting tampering and detecting fraud.
• Operational efficiency by eliminating paper records.
• Cost controls by reducing the expense of manual processing of applications, forms and documents of all kinds and implementing digital records stored on the blockchain instead.

Law
As the blockchain transforms the government, it will change the law and legal services. There are many ways that blockchain technology is already transforming legal services. Smart contracts, dispute resolution, intellectual property rights…the blockchain can support proof of creation, first use, rights management, and it can track distribution. This ultimately prevents copyright infringement and enforces mitigation through sealed copies of the work, helping plaintiffs in a court case.

Meanwhile, Contract Lifecycle Management solutions help lawyers manage the complex and evolving nature of contracts – making them more efficient in producing, implementing and supporting contractual agreements. As transactions and records move to digital workflows, digital signature ceremonies, and digital storage, the blockchain will be a boon for law firms and the legal department in 2023 and beyond.

identification
Finally, with the transition to digital commerce and communications, our individual identity – as assigned to digital worlds – is becoming increasingly important for control and authentication. Identity systems are currently flawed in many ways. They are porous, operate in isolation and are prone to error. Blockchain systems can solve these issues and provide a single source for identity and asset verification. Blockchain identity can also offer a kind of “self-mastery” that did not exist before. This desire to control an individual’s personal information – and digital data across platforms – is at the heart of Web3. As Web3 begins with the blockchain, its ambition and scope will spread across the Internet, metaverses, and shared networks.

From cloud services, cybersecurity, and information technology to financial services, government, healthcare, legal services, real estate, supply chains and other industries, blockchain is changing the way we do business, share information, and define who we are. These trends are just the beginning, and opportunities for blockchain to improve the privacy and security of our digital data will flourish in the coming years.

Shamash Hadi is CEO and Co-Founder of ZorroSign

Read: Crypto Valley Association, Crypto Oasis Collaborate to Promote Blockchain Development in the Middle East

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