Blockchain Technology Making Inroads into Industry Sectors
As per a report published on January 18, 2019, in the FedTech Magazine, the US Department of Health and Human Services is integrating the Blockchain-based data tracking tool called the HHS Accelerate. The report states that the tool will streamline the process of acquiring as well as executing contracts.
The distributed ledger technology of Blockchain is finding greater adoption across industries and sectors for the purpose of digitization, decentralization, and democratization of industries. The tech has already made its way into real estate, bank remittances, and supply chain.
We last reported how American giants IBM and Ford are collaborating for a Blockchain pilot that aims to track the movement of cobalt, right from the mines to the end where the cobalt is used in the lithium-ion batteries of Ford vehicles. The solution is slated to be built on the IBM Blockchain Platform.
In another news, we also explained how petroleum giants Chevron, Reliance, and Total are joining Vakt. Vakt was developed in 2017 and it facilitates the finalization of crude oil deals. The platform is a collective effort and was built by Vakt Global, an association set up by oil giants Royal Dutch Shell and BP. The joining of Vakt by these three oil giants indicates further adoption of Blockchain by large scale enterprises to streamline their processes.
The Department of Health and Human Services is one of the many governmental organizations that have deployed this technology. With the HHS Accelerate tool, the department will have the availability of standardized set of data. The massive volume of data can be divided into sub-parts. Hence the data analyis time will decrease from months to just a second. The Associate Deputy Assistant Secretary for Aquisition at the Health Department elaborated,
“That is extremely powerful. It’s like going to Target, let’s say you’re buying an iPhone, you look up the price on Amazon and find out it is USD 30 cheaper. You show it to the Target cashier and they give you a discount. That is the empowerment of the aquisition workforce and empowerment of the contracting professional.”
Blockchain Technology is definitely making inroads into different sectors this year. Let’s wait and watch to see how the adoption of the technology fares out in 2019.