The Future of Blockchain

The chapter welcomed Maj. Gen. Earl Matthews, USAF (Ret.), senior vice president and chief strategy officer at Verodin, to its December luncheon. He spoke on blockchain and its impact. Bitcoin's underlying technology, called blockchain, has great potential in the public sector. Blockchain is an open, distributed ledger that can record transactions between two or more parties efficiently and in a verifiable and permanent way. This can include the exchange of money, goods, property, documents or data-anything of value that can be represented digitally. A trusted centralized intermediary such as a bank can enforce terms, and details recorded in the ledger can be used for arbitration. Governments worldwide are equipping themselves with blockchain. One noteworthy example is Singapore, which is using the technology to prevent traders from defrauding banks. It is the world's first application of distributed ledger technology to enhance the overall security of trade finance invoicing, according to a statement from the Singapore government. Many applications of blockchain technology also are possible in the health care industry. For example, it could allow two doctors who work with the same patient to share medical records securely. This could be helpful for service members who frequently deploy and have multiple doctors and records in the U.S. government health care network. The doctors could work together seamlessly, providing holistic care while securing the patient's medical information in electronic health records. The world is moving toward blockchain. More than half of respondents to a survey by the World Economic Forum's Global Agenda Council on the Future of Software and Society said they believe 10 percent of gross domestic product will be stored on blockchain by 2025. Several blockchain trials with ports, private supply chain companies and retail giants are underway. They are exploring possible logistics benefits that could save billions in the long run. Blockchain offers many possible applications in the logistics industry. It could help trace paper trails and digitize millions of shipping containers globally, which would enable more secure, transparent communications between the U.S. government, companies and ports.

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