Blockchain Consulting Company BlockchainArmy’s Chairman & Co-Founder, Erol User, delivered an eye-opening speech at UNSPED Annual Meeting as Keynote Speaker. Erol User spoke about “Blockchain is the Future in the digital economy.”
While delivering a speech at the UNSPED Annual Meeting in Istanbul, he captivated the audience by discussing various topics related to the application of blockchain technology. He started his speech by saying,
The key to the future of the digital economy is providing a secure, low-latency digital infrastructure. It has been said that whatever can be digitalized, will be digitalized. Many of the activities we are performing today will be performed between interacting machines tomorrow, taking the digital economy to the next level. This won’t be easy.
He shared his views about the Blockchain Technology. Below given are the few pointers which are taken from his speech:
- Businesses are moving at an exponential rate, and Blockchain Technology is a huge component affecting everything. Not only Blockchain technology is changing the financial sectors but also, in addition to other huge areas like Government Services, Healthcare, Supply Chains, Retail, Internet of Things, and some more.
- He clarified that even though blockchain technology is still in the early stage, it is all set to assume to play a significant role in making it simpler.
- Given that society needs to get the full potential of the internet, the major structure should be blockchain technology.
- Without the framework of blockchain technology to empower proficient networking, few organizations will not be able to monetize their digital opportunities completely. Besides, there are difficulties in full adoption.
He clarified that the adoption of TCP/IP opened new financial value by drastically bringing down the cost of associations. Thus, blockchain could significantly lessen the cost of transactions. It can turn into the system of record for all transactions.
The Fundamental Areas of Digital Transformation
Furthermore, He explained that there are four principal areas of digital transformation fundamental to business success and adoption:
- Customer experience
- Supply networks
- Internet applications
Blockchain for Governments
Some of his views where Blockchain can be used in the Government sector:
- Governments now understand the potential use of blockchain. Nations, like, Estonia have begun testing blockchain-based applications or in any case, concentrating on studying the technology.
- The potential use cases of blockchain technology in government sectors comprise of national identity management systems, healthcare, tax, and internal revenue monitoring secure banking services and voting.
- Moreover, cryptocurrency is only one of the several applications for blockchain technology. He further stated, “Blockchain is good — Cryptocurrencies are bad.”
- Strangely, the nations with the strictest guidelines or even ban on cryptocurrencies are the technology’s most supporting governments: India, China, and France. Even though they are, to a great extent, against cryptocurrencies, they understand blockchain’s enormous potential for governmental uses.
Benefits of Blockchain
Blockchain-based solutions would help teams to check government information independently while alleviating security issues. Moreover, Distributed Ledger Technology could expand security and guarantee data integrity. Its several potential benefits for the government will ultimately increase security, trust, and effectiveness.
Governments who are already Adopting Blockchain Technology
He shared his views about the governments who have already adopted blockchain Technology-
- Dubai – The Government would like to turn into the first-ever blockchain-fueled government by the year 2020. Furthermore, Visa applications, bills, and license reestablishments are among the top objectives of Dubai’s blockchain checklist.
- Estonia – Estonia was one of the first Governments to embrace blockchain technology for government use. It has effectively been attempting to create sustainable blockchain-based solutions from 2008.
Mr.Erol User concluded by saying,
With blockchain technology, data is embedded cryptically and stored in transparent, shared databases, where they are protected from deletion, tampering, and revision. Third-party services, such as lawyers, brokers, and bankers, might become superfluous. People, governments, enterprises, and machines would freely transact and interact with one another with little friction. This is the immense potential of blockchain.
BlockchainArmy is based in Istanbul and Rotterdam city, with an expert team distributed over 20 plus nations. BlockchainArmy is a global venture capital advisory firm specializing in Blockchain technology development and broker-dealer abilities. BlockchainArmy represents regional and global customers worldwide by providing services in blockchain Consulting, transformation, development, and tokenization.
Harold joined our team as a reporter while still studying, a job that suited him perfectly as he always prefers working on the stock analysis. He has a passion for new technologies, economics, finance, and is always keen to learn more about the ever-changing world of journalism. Harold also likes to explore new things in his free time.