Member Article

Blockchain: Why it’s more than just hype in todays world?

When it comes to technology in the business world there’s always a new buzzword that does the rounds, the ‘in’ trend that everybody’s talking about, the latest hype that all companies want to be seen as implementing. From machine learning to AI. Crypto to FinTech. We’ve had it all. But it appears that right now it’s blockchain’s moment.

Unlike previous trends that have come before it, blockchain is far from just hype. In fact, this secure, decentralised distributed ledger technology has the potential not just to transform industries but transform lives.

Last week I was fortunate enough to attend the Blockchain Expo Global in London, where 12,000 attendees explored the future of enterprise technology. Various presentations by thought leaders and businesses alike made me realise how this technology is so much more than just hype.

1. Versatility – Blockchain is everywhere

At the expo there were businesses that represented various sectors and a stand out attribute of blockchain appeared to be its versatility. Blockchain is often just seen as a vehicle for cryptocurrency – but it’s so much more than that.

I was blown away to see how blockchain can impact so many different areas. Moyee Coffee stood out – using blockchain to provide greater supply chain transparency in coffee production, enabling farmers to get a fairer deal. Through blockchain, coffee’s journey can be tracked with an app showing how much farmers earnt for each amount. Living proof of how blockchain has evolved.

**2. Transparency, Transparency, Transparency **

The general theme that came out of companies that featured at the expo was how their blockchain solutions championed transparency. At G8C, their blockchain based platform is fighting for transparency in the iGaming industry – an industry that has been hampered by a lack of trust due to suspicions of rigging and fraud. G8C’s blockchain online casino platform aims to address this through transparent transactions bringing back the trust between players and casinos.

They’re not alone in this transparency mission. Many of the companies, whether it’s IT security, banking platforms, legal systems and cryptocurrencies, all stated how blockchain can bring about transparency, trust and authentication.

3. Businesses are more open to Blockchain

This year at Blockchain Expo there was a whole stage dedicated to ‘Blockchain for Business’. Why? Because businesses are finally opening up to blockchain adoption. In many industries adoption rates are still slow, but it is picking up.

Blockchain is still generally seen as a solution for users, not industries. This is not the case. Industries need blockchain, especially those whose consumers are demanding greater transparency in their supply chain. Blockchain to many people remains an enigma – this is changing, and if business adoption continues at its present rate, it will become as readily understandable as the internet in the mind of the man in the street.

This was posted in Bdaily's Members' News section by Ryan Smith .