The blockchain plays an important role to provide transparency in a transaction, and the blockchain technology market continues to gain higher value. Statista has predicted that the blockchain technology market will enjoy a leap from $339.5 million in 2017 to $2.3 billion by 2021. Though the blockchain technology has gained huge currency, researchers still believe that this technology can also be used in other unknown areas. Previously, researchers discussed to eradicate the problem of homicide leveraging this technology. Blocksafe, a provider of blockchain-as-a-service (BaaS) solution introduced DApp which can be installed to a third party device to track a gun.
Blockchain can be an important weapon to also develop digital identity and privacy which have remained always an important issue to be addressed. The incidents like Facebook and Cambridge Analytica scandal and Equifax breach have compelled enterprises to rethink over the issue of privacy. Researchers are interested in blockchain technology's ability to provide a decentralized infrastructure for digital identity which will enable the owners to gain control over their identity. Thus, blockchain technology can provide a user-centric environment.
Blockchain can be immensely important to revolutionize the voting process in the U.S., as the country has witnessed the declining interest of voters to go to a government building to cast their votes during the 2016 presidential election. The use of blockchain technology can provide voters with the opportunity to vote from the place of their convenience.
The production and distribution of food products demand safety and sustainability. Blockchain start-ups have introduced solutions to facilitate this process. For instance, Bextmachine by Bext360 integrates AI, IoT, and blockchain to track coffee beans. But, the deployment of blockchain technology involves some risk factors also. Being a digital ledger blockchain cannot analyze or evaluate data, and so, it cannot be determined how real the data is. Blockchain can be used to tokenize real-world assets and to enhance transparency of the market. This technology is full of prospects, and the emerging enterprises have to be attentive while leveraging it in different sectors.