The world is undergoing a digital transformation. We’ve been forced into a new way of living and working. Blockchain technology has massive potential for these contactless times, yet we still aren’t talking about it enough.
Blockchain technology, despite being over ten years old, has some growing to do before it reaches maturity. There’s a conversation that needs to be had around blockchain and its massive potential for transforming the way we work. Blockchain – as a decentralized and transparent method of trust – is well-suited for the contactless era.
Let’s talk about it.
More conversations, less competition
In any industry, some competition is expected. It drives innovation and encourages companies to push the bounds of what they know. However, in the blockchain industry, coveting blockchains and reducing interoperability will only hurt blockchain in the long term. To encourage maximum growth, the blockchain industry needs to collaborate with one another.
The blockchain community will thrive off of collaboration, ensuring that the technology reaches its full potential. As a community, we need share amongst each other – continuing healthy competition, but not siloing ourselves and our platforms from one another.
The conversation we aren’t having
Blockchain is the most valuable when it comes to data: supply chain data, fuel data, or a myriad of other data applications. Yet this is arguably one of the most boring aspects of blockchain. So, it doesn’t drive the same interest as topics such as crypto.
While blockchain could have massive potential in reducing child labour and unethical sourcing in supply chains, it is also valuable on a company data level in tracking shipments, keeping records and increasing auditability in companies.
In short: the true value of blockchain isn’t very exciting to the wider public.
However, in the long term, comprehensive tracking would benefit these consumers, if companies are able to save costs. These cost savings will trickle down. The less exciting aspects of blockchain will provide massive value for both business and customer in the longer term.