According be accepted as a valid proof”. He

According
to the experts, the blockchain technology can be applied to all the processes
in a company, creating relevant efficiency. According to Mr. Jeroen van
Megchelen, CEO of Ledger Leopard, “Blockchain has the potential to turn the
world upside down: it makes designing administrative processes more efficient
and puts users in full control over their own healthcare information”. Here
is below a summary of blockchain’s main advantages and risks for the retail and
healthcare industries according to the experts.

 

 

Advantages

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Most of the advantages are linked to blockchain’s distinctive
characteristics. The traceability and total transparency are the elements that
are the most valuable in terms of advantages:

 

·      
The administrative activities i.e. time loss and
costs for customers, will be significantly reduced.

·      
A system that allows everyone involved to monitor
all the moves, and renders facts irrefutable, constitutes an obstacle to a
fraud. 

·      
The application of this technology will result in
a significant cost reduction, but the necessary budget to integrate it is still
to be funded.

·      
Rapidity and security of transactions.

 

Risks

 

The blockchain technology is still in the stages of development, and
there are potential risks and limitations that should be invoked:

 

·       The transaction
speed, that does not guarantee the accuracy of information shared.

·       The high
consumption of energy by miners.

·       The lack of
knowledge
about this technology and public misperceptions.

·       Governance
ambiguity represents a risk and an opportunity at the same time.

·      
For the healthcare, there is still a risk of patient
data key getting leaked.

Evolution of the blockchain technology

Most of the experts agree that the technology is promising and is
evolving at a great speed. However, there are few challenges, which will be
apparent in the future.  Prof. Richard MARKOFF states that “Bitcoin is
a bubble, but blockchain isn’t one”. Huge investments are required to
develop expertise and knowledge sharing. Prof. Markoff considers the future
application of the technology in the redistribution of digital assets in retail
and healthcare.

Dr. Johnny NOBLES, a blockchain Specialist at Government,
Blockchain Association in the USA, considers that this technology will
primarily be used in private hospitals or labs in the US: for payment
management and patient data analysis. However, the legal approval or
governmental acceptance will take a few years.

Mr. William O’RORKE, Legal Team
Blockchain Partner, France mentions that, “in the future the
transaction fees will be lower as there will be more users.” He further adds
that “until now there was no relevant legal case but soon there will be one,
and the protocol will be accepted as a valid proof”. He also provides insights
on the energy sector and the blockchain’s impact in the future (for example,
Startum which creates energy network with blockchain technology).

Mr. Jeroen van Megchelen, CEO of Ledger Leopard,
The Netherlands, provides an example of an application of the blockchain and
IoT in the agriculture. He firmly believes that many things will only be
visible once the blockchain technology is fully used. The Netherlands can serve
as an example as it already has its first operational and legally certified
blockchain application – Mijn Zorg Log.

Ivan KARADZHOV, Co-founder of Bitcomo,
Russia, strongly believes in the bright future of the blockchain use
in the digital marketing: the companies will not be remunerating the publishers
anymore for simple web site ‘clicks’, the ‘cost per action’ model will be
applied. Thus, the companies will be able to invest their advertising budgets
more wisely and profitably.

Thus, based on the observations and views of the
experts, the future of blockchain shows positive impact on many business
models. Key growth drivers for the blockchain use will be expertise,
investment, and legal recognition. In the future, significant blockchain
technology footprints will be seen in the healthcare and retail sectors.
Isolated yet impactful application of blockchain technology can also be seen in
digital marketing, agriculture, etc. At the same time, the industry will also
have to be ready to tackle the challenges such as legal issues or information
security to allow smooth implementation of the technology.  

 

1.1      Findings

 

1.1.1      Impacts

 

The blockchain technology has not entered into force completely
yet but every company which would like to
continue to be innovative and stay in the market in the future is at least taking
into consideration the possibility to eventually implement a proof of concept
and evaluate its possible application to its specific processes.

 

For the experts, blockchain technology can be applied to all the
processes in a company, creating relevant efficiency. According to Mr. Jeroen van Megchelen, CEO of Ledger Leopard,
Netherlands:-

The issue which has to be solved is that the companies, not only
in the healthcare industry, would like to give this kind of “power” to their
patients, customers or clients and be completely transparent about the
processes. The companies which are confident on how they work and comply with
their activities would have not issue on sharing this information with the
other stakeholders of the company and once the first company will do it for an
end to end process with objective benefits for the internal and external
stakeholders in terms of profits, transparency and trust, then there are high
probabilities that other companies will follow to implement it.

 

At
the moment, until the companies would have gone beyond the proof of concept, “the 

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