Blockchain technology isn’t going anywhere anytime soon. Even though the crypto market is currently experiencing a crypto winter that has caused most cryptos to lose more than 50% of their value, organizations are still keen on leveraging blockchain. Thanks to its decentralized nature, blockchain reduces points of weakness, improves data reconciliation, and enhances security, speed, and privacy.
Students from an IT college in India recently made history after they held the world’s first blockchain-based elections, showing just how effective blockchain can be in a wide variety of applications. The Center of Innovation IIT-Madras’s Webops and Blockchain Club recently developed software that allowed students to carry out a student council election using blockchain.
Professor Prabhu Rajagopal, the faculty-in-charge at the Webops and Blockchain Club, said the blockchain-backed election has the potential to disrupt how elections are held. This is primarily because blockchain grants systems enhanced efficiency and process traceability. This makes it an attractive option for organizations and countries that are looking to make their elections more efficient and secure.
In recognition of the Webops and Blockchain Club’s historic achievement, the India Book of Records awarded students from IIT-Madras with the title: Blockchain Software for Students Body Election. Officials say blockchain technology has the potential to significantly reduce costs and introduce trust in the electoral process by making electoral methods much more secure and counterproof.
The Brazilian government has also seen the benefits of integrating blockchain systems in existing systems, launching a blockchain network this May to help fight corruption and manage expenditures. Although the network is still under development, at the beginning of June the company went live due to a cooperation agreement between the Brazilian Development Bank and the Court of Accounts of Uniam (TCU). It will be used by several public institutions to increase traceability and improve services.
Blockchain technology is poised to play a major role in several industries over the next couple of years. The global blockchain market had an estimated value of $4.67 billion by 2018, and it is expected to grow by over one hundred times to around $163 billion by 2029. As the global economy becomes more digitized, there will be a significantly increased need for enhanced security, speed and efficiency.
This has led to a rise in demand for blockchain technology and cryptocurrency skills. Over the coming years, we can expect more organizations and governments to adopt blockchain technology to increase efficiency, security and traceability.
Blockchain equipment manufacturers such as Canaan Inc. (NASDAQ: CAN) are set to grow their revenues and market penetration as this technology finds its way into different spheres of life around the world.
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