One of the co-organizers of InnoVEX, Taipei Computer Association (TCA) stated that blockchain will play a more vital role in the future of the digital economy. According to a MarketsandMarkets research report, blockchain has a wide range of possible applications, with the realized ones including payment, trading, smart contracts, document control, digital identity, supply chain management, GRC (governance, risk management and compliance), and so on.
In general, all the uses of blockchain will focus on rendering the same service while reducing costs, increasing speed, simplifying processes, and creating irreversible transactions. Blockchain’s most famous applications currently would be cryptocurrency and ICO (Initial Coin Offering), whose market value will increase from $411.5 million in 2017 to $7.68 billion in 2020. The compound annual growth rate (CAGR) is as high as 79.6%.
TCA Stated that blockchain gained traction due to bitcoin’s popularity, however, cryptocurrency is not the only possible function nor the ultimate purpose of the blockchain. To promote discussions and discovery of other feasible uses of the blockchain, the organizers of InnoVEX will host a blockchain focused panel discussion titled “Blockchain Applications That Are Changing Your Future”.
The invited speakers are:
- Co-Founder & CEO of Bitmark, Sean Moss-Pultz
- Co-Founder of KKFARM, Pochang Wu
- Co-Founder & CEO of Health2Sync Inc, Ed Deng
From music distribution, business documents, legal verification, medical data, health care, and many other fields, blockchain can be utilized in the process. The important parts then are how to migrate the processes into blockchain and how can it be used for management, security, and control. With these questions answered, blockchain can be the backbone of a new digital society, business model, and bring new business opportunities for startups.
The organizer also invited the co-founder of IOTA Foundation, Dominik Schiener to join the InnoVEX Forum to speak on June 7th and share his insights on digital ledger technology (DLT) and blockchain. Included in the topic are the practical applications of DLT in IoT, IoV, identity authentication, smart city, and M2M communications.