Blockchain might still be in its ‘baby’ stages, but the flagship technology continues to win a lot of admirers across every field as more world-changing implementations are discovered.
While being the choice technology, underpinning cryptocurrencies and digital assets, it is easy to see why the Blockchain would most likely gain the attention of a non-tech savvy individual faster than the subject of a virtual currency would. And that is exactly the sentiment shared by Joe Duran, the CEO of United Capital, as he expressed the blockchain in the simplest of terms: a high-tech immutable library book log, keeping the record of every party who borrowed a book, and information regarding how long the book was borrowed.
For Duran, the potential of the blockchain is limitless. While it may take a few years to attain mass adoption, it is bound to influence the manner of transactions across the world. He said:
“Blockchain itself is going to be part of every transaction that occurs in the world. It’s going to take a decade before it’s there.”
Blockchain has been employed across major fields in the world, but the aggressiveness of world-giant, IBM stands out. Its new blockchain-based product, Food Trust, already has similar heavyweights–Unilever, Kroger, Nestle and Tyson foods–signed onto its platform. Food Trust provides a platform for wholesalers, suppliers, retailers alike, to trace and confirm the origins and
Already, blockchain technology is experiencing increased utilization in significant industries across the world, and U.S based tech giant, IBM are undeniably leading the charge.
It was recently reported that IBM released its blockchain-based Food Trust product, which allows wholesalers, suppliers, and retailers to track the origins and management details of perishable food items with the sole purpose of verifying its freshness.
Effect of Blockchain Adoption on Cryptocurrency
Duran believes cryptocurrency is bound to reach mainstream adoption in a few years too; the fiat currency has a number of flaws that the digital currency easily fixes. However, he warned that the cryptocurrency of the future might be completely different from what we are already used to today. As seen late last month with the government issued Petro for Venezuela, governments would most likely create digital versions of their fiat currencies instead. He explained;
“There will be a U.S. dollar crypto; there will be a Chinese yuan crypto. It will just be exactly what we know today, but in a digital version that gives governments the ability to oversee where the money is going.”