One of the world’s leading tech associations, CompTIA, has published a new guide for blockchain applications in the public sector titled “Harnessing The Blockchain Revolution“. The 31-page report explains the technology behind blockchain along with its benefits, uses and applications within the public sector. It also outlines a list of government initiatives surrounding blockchain and provides recommendations for further public sector adoption and government policy.
The new guide provides essential information for anyone looking to acquire a strong grasp on what is driving the current blockchain revolution. CompTIA is a trusted part of the IT industry, priding itself on “building the foundation for technology’s future”.
“Blockchain technology is perhaps the most talked about and yet the most misunderstood emerging technology in the world today,” reads an excerpt from the guide. “Since its inception, the secure, distributed ledger technology has widely been viewed through the lens of virtual currencies, particularly the hype surrounding the buying and trading of Bitcoin and other digital coin offerings. Indeed, surveys have shown that consumers are largely aware of what Bitcoin is, but do not know or understand about the blockchain technology that powers it.”
The guide cites that in a global survey 74 percent of corporate executives around the world see a “compelling business case” for blockchain technology, with 34 percent of surveyed companies already working on blockchain technology and 41 percent expecting to develop blockchain applications within the next year.
These statistics should come as no surprise to those closely following developments within the space, with new reports of multi-billion dollar blockchain research groups being formed almost daily from private companies and government bureaucracies.
The guide states that due to blockchain’s security, ease of use, multi-system data consolidation, and end-to-end visibility, that blockchain will grow to a $176 billion industry by 2025 and more than $3 trillion by 2030.
The guide is also very optimistic about the potential for cryptocurrency, suggesting that cryptocurrency markets will become less volatile as the public becomes more educated on the technology and as regulators become more efficient at cracking down on scam artists that prey upon investors:
“As public sector institutions experiment with blockchain solutions, each organization should thoughtfully evaluate where they want to be on the continuum of blockchain adoption — from taking a risk-averse wait-and-see approach to becoming a potential pioneer for new use cases and implementation. Those positions will likely be impacted by an organization’s ability to find the right partners with which to build a consortium. As more organizations adopt and experiment with blockchain, it is critical to foster a community of shared learning to accelerate public sector competency.”