As the world steps cautiously towards reopening, can a health passport increase safety and confidence? In light of COVID-19, using blockchain to verify identity and health status is taking center stage — with reservations. In this month’s briefing, we also look at why traditional banks and investment firms are turning bullish on blockchain as a business strategy.
But first: According to Deloitte’s Global Blockchain Survey 2020, 39% of companies surveyed have production blockchains — a 16% increase over last year — and 55% say blockchain is one of their top five strategic priorities. Where do you stand on blockchain adoption?
Blockchain in the news
Health passports dominate digital ID discussion
After months of COVID-19 lockdown, many areas in the U.S. continue to grapple with the pandemic response while other countries around the world are starting to lift restrictions (with mixed results). To reopen safely, businesses are envisioning digital health passports as a way to verify coronavirus testing or immunity status today and, in the future, vaccination.
The pandemic continues to influence the blockchain space in other ways, with IDC adjusting its 2020 worldwide blockchain spending forecast downward in response to recent events. Still, the forecast is for a healthy 57.7% increase in overall spending and USD 1.6 billion in investment from the financial community. Particularly in the fintech segment, blockchain investment is projected to reach USD 6.7 billion by 2023 at a compound annual growth rate of 75.2%. In Hong Kong, 39% of fintech startups use blockchain.
Investment advisory firm Vanguard, in close collaboration with BNY Mellon, Citi and State Street banks and an unnamed securities issuer, successfully completed a blockchain pilot designed to digitalize end-to-end transaction flows for issuing asset backed securities. Anticipated benefits include increased speed and transparency with lowered cost and risk.
No matter where you are in your adoption journey or which industry you’re in, we’re here to help you use blockchain technology to reach your business goals. You can develop your own network using our platform or start that project you’ve been talking about with help from our blockchain services. You can also join our existing networks:
TradeLens – our containerized freight transport network
Still not sure where to start? Schedule time to talk with one of our experts specific to your industry, and they can help guide you in the right direction.
Thanks for reading our second edition of “Blockchain News You Can Use.” We’ll be back next month with more. In the meantime, if someone forwarded you this email and you’d like to subscribe, sign up here.
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