Blockchain is having an impact on the technology of the defense industry
On a global scale, the defense industry has a major impact on economies world-wide. Besides waging war (something we all dislike), national defense aids in pushing the envelope on research and development of new technology (e.g. Internet and GPS). A recent research report published by Accenture stated that 86% of aerospace/defense companies plan to integrate blockchain within three years. (Rhodes, 2018) Yes, my point is obvious; Even blockchain tech has a footing in this industry. But, do you know why this is the case? Let's take a closer look!
One popular area is encrypted messaging. This is probably the greatest counter-argument to the government wanting to ban privacy coins, like Zcash, Monero, Zencash, and many others. While our "wonderful" government would like to know everything we're doing by collecting our data, our armed forces ironically want the opposite. Encryption is important on many levels, primarily providing a secure method of communication amongst our armed forces that can't be read. Maybe the defense industry can help give privacy coins the push they need to thrive in the public domain as well.
Another is budget spending. Regardless of which president you like or dislike, they have all done a terrible job balancing our national debt. This has led to over-spending on the military and massive deficits. With the ability to create smart-contracts, it's feasible that a treasury could be created for the military on the blockchain, that allows for balanced budget spending when necessary.
The defense industry may not have been your first pick if I asked you, "What industry will be affected by blockchain tech first?". However, I can assure you, defense on a global scale contributes massively to the world economy. Wherever an economy exists, there seems to be a blockchain solution waiting!
I would like to thank CoinCentral.com for allowing us to reference one of their original articles in the creation of this article.
Link: Original CoinCentral.com Article
Reference: Rhodes, Delton. Improving Defense Industry Technology with Blockchain. 15 June 2018.