Blockchain is quickly becoming adopted by global industries

I’ve been having a lot of conversations around blockchain technology lately, and I am beginning to notice a trend in the discussions. People are starting to realize that technology is becoming conventional, I see this as a win for the technology.  As blockchain works its way into becoming adopted by global industries, these conversations are finally able to happen because we are beginning to invest in learning about this powerful technology—and why it’s essential in this day and age.

Blockchain is not the same as cryptocurrency.

Now I know what you’re thinking, this is another “blockchain, not bitcoin conversation,” well it’s not, I am merely recognizing the difference between the technical use case of blockchain, and it’s first real use case which is ‘Bitcoin” vs. the many other unrequired tokens that generally serve no purpose and call themselves cryptocurrencies. For there to be commercial adoption of the technology, it needs to be distinguished from the part of the market that creates fear, uncertainty, and doubt.

There will always be a discussion around the commercial value and legitimacy of tradable cryptocurrencies like bitcoin.

While the advances in its popularity were vital to the development of blockchain technology and what it is now, I can assure you the two are not interchangeable.

So let’s try and break down what blockchain technology is; it’s a growing inventory of records, called blocks. Each block contains a cryptographic hash block — a timestamp and transaction data. Generally controlled by a peer-to-peer network that abides by a specific protocol for inter-node communication and validating new blocks.  Blockchain is bitcoin’s underlying technology platform, and it also supports many other products and capabilities beyond that of just trading. Bitcoin longevity will be determined by its usefulness as a currency whereas blockchains will be shaped by how well we can realize it’s virtually limitless potential for businesses.

No matter the future of bitcoin, blockchain technologies —and the ecosystems built for utilizing them— will without a doubt continue to impact existing and future of economies worldwide.

No matter what the future of Bitcoin – Blockchain Technology – and the ecosystem built for utilizing it will without a doubt continue to impact existing and future economies world-wide. 

Blockchain is not a trend.

Let’s have a little history lesson for a moment; when blockchain first made its appearance over a decade ago (2008), it shattered both the technological and financial status quo. Its capacity to efficiently decentralize and secure data has motivated a new generation of revolutionary innovation on a global scale. The top financial influencers in the market like JP Morgan, held steady through the volatility in the cryptocurrency market in 2018 and continued to invest in blockchain technology.

For example, in February of this year, JP Morgan released a trial of their “JPM Coin” as a B2B tool for their largest corporate clients. The product, processed on a blockchain platform, will allow these corporate clients to instantaneously settle transactions, making it extremely efficient for both companies.

Blockchain technology definitely has a fantastic future in the business sector, but in my opinion, its purest value comes with the prospect of bettering human civilization. A large portion of the world is suffering at the hands of corrupt governments that do not act in the best interest of their citizens, resulting in poverty and instability. Before the invention of blockchain, inhabitants of countries like Venezuela with a rapidly devaluing currency could not do anything to help their economy. I believe blockchain technology can combat this, by enabling a global value exchange network that is not tied to a governing body or the number of resources a country has. We all share a responsibility in preserving this world, and the integration of blockchain technology may be a breakthrough in that right direction.

Use-Cases for Blockchain.

I want to create a little clarity now about some of the many positive use cases where blockchain technology creates efficiency, cost reduction, and accessibility.

Banking: Just like transferring credit documents to a decentralized ledger, blockchain banking will be able to save remarkable amounts of time and money in capital by transferring all loan and security documentation to a ledger. This will make document storage and processing times significantly quicker. Banks will be able to benefit from blockchain by being able to bypass the increasing costs of maintaining aging infrastructure and complying with regulatory burdens. Accepting blockchain technology in banking and the broader financial system could improve the industry by paving the way for a much more responsive and flexible infrastructure.

Real-Estate: A blockchain real estate market streamlines connecting business with buyers and sellers. Blockchain will definitely affect transaction times for the better when property sellers find they can sell a fraction of their shares on a particular property, as opposed to finding a single buyer.

It is more than likely that the entire real estate industry will benefit from the introduction of blockchain – by lowering the barrier of entry to real estate investment. New definitions of property ownership and rental contracts will arise from this shift in the real estate business.

Medical Field: When it comes to Canadian healthcare, anything from wearables to the progress of medical research can be made more streamlined and secure using blockchain. The medical field is one of the most proactive industries focused on implementing blockchain into their daily systems. With over a quarter of stakeholders surveyed by Deloitte, disclosing an investment of over $5 million or more into the blockchain healthcare space. The future of healthcare will be all about efficient data processing, storing, and sharing. Bringing about a new era for one of the most promising blockchain use cases yet. Mainstream digitization of records in the previous decade has solved accessibility problems, heralded opportunity for analyzing medical trends and assessing the quality of care.

Blockchain is a business tool.

The degree to which innovators adopt Blockchain as a tool to create relevant and useful business solutions will determine how rapid the platform moves into the daily life of the average person. As with any advanced technology, the language and terms we use to educate are critical. ‘Cryptocurrency,’ ‘tokens,’ ‘digital assets’ are commonly interchanged but can mean very different things when applied to a business solution. There are endless opportunities for blockchain technology to define and shape forthcoming innovation in both the public and private sectors, but we must first accurately educate the public of Blockchain’s nature and capabilities.

What was once a platform built for anonymity now holds astounding potential for day to day use-case, from the way we work to how we pay, bank, travel, communicate, make decisions, and more. By leveraging Blockchain’s security and efficiency and bringing transparency to what the technology was once lacking, it won’t be long before Blockchain Technology becomes an intrinsic part of our day to day lives. I personally love the potential of this technology and what it can do for provinces like Alberta.

Leave a Reply