The blockchain industry, though still at an infant stage of development, will see booming applications to a wide variety of fields in five years along with constant technological advancements, and the most successful blockchain application will be the one able to help industries create new business models, according to Alexandra Tinsmam, regional head of North America at NEM, a Singapore-based smart asset blockchain platform.
Tinsmam made the comments when speaking at the NEM Taiwan Meetup held December 1. She said that based on NEM’s users data, blockchain applications will focus on seven major segments by 2023: ID authentication system, decentralized transparent voting system, property asset registration, micropayment services, decentralized autonomous organizations (DAOs), trading of government-issued virtual currencies, and trading data for consumer spending and currency circulation.
Tinsmam continued that blockchain will play a crucial role in the next wave of tech revolution, with financial, insurance, accounting, business management and voting seen as promising fields for blockchain technological applications.
She also pointed out that while blockchain technologies and applications will keep advancing, it is highly crucial for governments to introduce sound rules to regulate the development of the blockchain industry.
Crucial government role
Tinsmam recalled that when attending a blockchain summit hosted by the United Nations, she found many policymakers had little knowledge about blockchain. In this regard, she continued, blockchain industry forces must be pooled to inject industry knowledge into both regulators and the general public, paving the way for the making of optimal regulations concerning virtual currencies and blockchain evolutions.
Tinsmam stressed that NEM blockchain systems are now well applied to various businesses, bolstered by its business strategies designed to blend smart asset uses and simple blockchain access by enterprises. For instance, NEM has teamed up with the Japan government to use its blockchain platform to keep detailed records of cattle’s origins of production, breeds and birth dates, as well as related delivery information.
Meanwhile, Flora Fang, head of NEM Taiwan, said that Taiwan boasts great potentials for the development of blockchain applications, given its sufficient talent supply and friendly environment for creating startups.
NEM is the first blockchain adopting proof-of-importance (POI) algorithm, multisignature accounts, and encrypted messaging system, Fang said, adding that NEM Taiwan will cooperate with the government to carry out blockchain upgrades at such priority sectors as medical care and financial service industries before materializing more industrial applications in Taiwan based on international blockchain service standards.
Alexandra Tinsmam, regional head, NEM North America