Blockchain into businesses as a part of the IT system

Most cryptocurrencies use blockchain technology to record transactions. The value of all coins and tokens comes down to their use case. What does the coin do and for who?

Blockchain technology can be integrated into multiple areas. The primary use of blockchains today is as a distributed ledger for cryptocurrencies, most notably bitcoin. There are a few operational products maturing from proof of concept. Businesses have been thus far reluctant to place blockchain at the core of the business structure.

Blockchain investigation is now rapidly transitioning away from cryptocurrency to corporations thinking about all the use cases for the digital ledger technology.

Walmart is building a supply chain blockchain that is being used to track romaine lettuce, which may not seem like a big deal, but it is a serious use case for food safety.

Nestle also has a supply chain blockchain prototype right now for tracking milk.

Corporations are exploring many ways to leverage this technology, including Facebook which announced that they are developing their new Libra cryptocurrency with a network of major partners that include Mastercard, Visa, PayPal, STRIPE, Uber, and Lyft, to mention a few.

There are 50 or so industries starting to deploy blockchain, including every major bank in the world. Many are all very new efforts, mainly existing as prototypes and are not production ready yet. This corporate activity and experimentation will increase exponentially as early innovators start showing practical applications as was reported previously.

We need to understand blockchain technology and how it works. Focus attention on the underlying technology, not the price of bitcoin and other cryptocurrencies. Business leaders need to rally for more education and create many local and regional business initiatives to have the right kind of conversations and enable this technology to bloom.

The internet is infinitely so much more than sending emails. Blockchain is infinitely more than Bitcoin. Bitcoin is just a financial tech application which runs on the blockchain. Blockchain technology will fundamentally change how transparency and authenticity are derived with anything from food, to ownership of vehicles, to verifying memorabilia, to personal identification due to continuing centralized companies being hacked.