2020 saw an increased focus from governments and central banks in order to create a better regulatory environment for blockchain technology. This year also brought specific business cases centered around blockchain in many industries, with companies looking to take advantage of the time and cost-related benefits that blockchain brings.
Regardless of the industry where it’s being implemented, blockchain technology comes with an unrivalled advantage: data security, highlighted by data integrity and data access. “Data integrity is directly related to that feeling of trust that whatever there is in a certain system, it can’t be modified without the agreement of all parties involved”, states Laura Mănescu, Modex Chief Development Officer. “Once data has been inserted into the system, it cannot be modified and if that happens, data history is clearly visible (who, what and when). If we speak, for instance, about an auditing process, this is very useful.”
Absolute control of your own data
When it comes to data access, Laura explains that in a blockchain-based system, access is guaranteed through a mechanism which has – as its core element – data confidentiality, which means that the individuals or entities from the system are those who have absolute control of their own data. “Let’s take, for example, a patient of a medical clinic who becomes ‘de facto’ owner of his / her medical record history, and the clinic can’t use that data without the owner’s agreement. If he usually goes to a private clinic, but undertakes medical analysis at a state hospital, the patient will be able to access, through blockchain, all the digital data stored in the same place”, adds Laura Mănescu.
Governments, interested about implementing blockchain technology
Besides creating a better regulatory environment for this domain, governments around the world are also looking at way to implement blockchain technology. When it comes to this, Estonia clearly leads the way, becoming, in 2012, the world’s first country which has implemented blockchain into its public administration. The technology used by Estonia is KSI Blockchain, also used by NATO or United States’ Department of Defense.
“Estonia is successfully using blockchain technology to give its citizens a digital identity, but also to manage the country’s health records, land property registrations and other records. China is also ahead when it comes to analyzing ways to implement blockchain. Europe is also catching up, and has taken – over the past 18 months – several legislative measures to facilitate the implementation of this technology at the governmental and administrative levels”, says Laura.
“The problems that companies face when looking for blockchain technology applicability, regardless of the industry, come down to costs because everything related to active assets and values transfers require major investments and added time. By bringing all this data together, is safe to say that blockchain can no longer be regarded as a technology for a single industry”, concludes Modex’s Chief Development Officer.
About Laura Mănescu
As a tech woman in Fintech, Laura’s journey in this industry began with her work on the Moneymailme app and continues with Modex’s custom development services. Laura’s extensive experience in software development and banking laid the foundation for a thrilling and unique style of management that enables her to oversee the creation and implementation of innovative products for the Fintech ecosystem.