During the 2022 Spring membership conference, members continued discussion regarding blockchain and cryptocurrencies building on an earlier presentation by Eng. Kudssi. Although it is a relatively new technology, blockchain business value generation is projected to be $176 billion by 2025 and $3.1 trillion by 2030.
SAEA discussed the following blockchain projects and manifestations across industries requiring hundreds of software and computer engineers:
-Identification: voter registration is being facilitated via a blockchain project in Switzerland spearheaded by Uport.
-Supply Chains: IBM and Walmart have partnered in China to create a blockchain project that will monitor food safety.
-Insurance: A smart contract-based blockchain is being used by Insurer American International Group Inc as a means of saving costs and increasing transparency.
-National Security: The US Department of Homeland Security has been using blockchain to record and safely store data captured from its security cameras.
-Real Estate: Blockchain is being used to complete real estate deals, the first of which was conducted in Kiev by Propy.
-Railways: Russian rail operator Novotrans is storing inventory data on a blockchain pertaining to repair requests and rolling stock.
-Mobile Payments: The blockchain ledger that Ripple uses has been latched onto by a group of Japanese banks, who will be using it for quick mobile payments.
SAEA members continued the conversation about the significant opportunities opening up for computer engineers and scientists and software developers and coders in blockchain technology and how it will be implemented in various applications.