Blockchain has enormous uses, and the number seems to be increasing day by day. What started as a platform for Digital tokens has now become one of the most sought after technologies in recent times.
The mere introduction of blockchain in many sectors has revolutionized with them. The difference that blockchain brings on the table shows up in almost every budding sector, while the traditional sectors are now watching for the distributed ledger platform.
Recently, a representative of the United States Customs and Border Protection (CBP), stated that using blockchain in biometrics for travel security could revolutionise the sector. The claims were made by Sikina Hasham, CBP product manager, during the recently concluded JetBlue Technology Ventures Blockchain in Travel Summit in New York City.
While answering a question from IBM Blockchain Ventures Managing Director David Post, Hasham said,
“One area we’ve seen a significant amount of success in is a facial comparison and biometric data. There is a service we’ve created to verify who an individual boarding an aircraft who is as they’re seeking admission into the United States. If we could have more data for the verification from another government party, that would be really great for us.”
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The blockchain is currently being used in sectors including pharma, medical, logistics, banking, finance, and cryptocurrencies. Over the past decade, since the technology was first introduced, several mainstream business stalwarts have entered the blockchain game infusing necessary capital for research and development. Results have been overwhelming, which have caused several private and government institutions to take notice.
Giant corporations like IBM, Microsoft, Apple, Intel, TCS and Facebook, have all invested heavily in blockchain business. In 2018 alone, one of the largest banks in the United States, HSBC used blockchain platform to execute Forex transactions worth over $250 billion, a figure which the bank wants to better in the current year. Almost every country in the world is now striving hard to become the leading destination for blockchain based solutions.
Innovation has become a synonym of the blockchain, as it is now being innovated in various businesses. Just days ago, payment solutions giant VISA Inc. revealed that it is looking forward to integrate blockchain technology with its current operations, to include cryptocurrencies as a payment instrument globally. Technology behemoth IBM also launched its own blockchain based global payments platform, World Wire, currently operational in 72 countries and 47 different fiat currencies.
Apart from private corporations, governments across the globe are now testing blockchain to be implemented in various public sector departments. In fact, IBM has bagged deals with Australian and Canadian governments to provide blockchain based solutions for federal government departments in order to increase transparency and speed in the procedures. As per earlier reports, the United States Department of Homeland Security (DHS) has requested start-ups, which develop blockchain solutions that can help prevent forgery of digital documents, to support its various blockchain and digitalisation projects, including CBP.
The CBP is currently testing a blockchain shipments tracking system, to measure the amount of improvements the technology is able to deliver for the verification process for certificates of origin from various free trade agreement partners. Integration of blockchain and biometrics has been under development for quite some time now. The platform is being tested across various applications like elections, ATM Security, other than the AI based biometric devices for the healthcare sector.
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Despite such vast adoptions, blockchain technology still has an enormous amount of potential undiscovered. As time passes by, the knowledgeable cover more and more sectors under its wing. Earlier this week, co-founder of Ethereum digital currency claimed that in the coming 10 to 20 years blockchain will cover almost every sector of the economy. With the growing popularity of blockchain and adoption in public focus business, Nexus believe this claim.
