The Applications and Future of Blockchain

This article is based in part on a story that originally appeared in It Is Innovation (i3) magazine, published by the Consumer Technology Association (CTA)®.

Overview Blockchain applications have extended far beyond the technology’s implementations in cryptocurrencies, moving toward more mainstream adoption and launching new opportunities.

Blockchain technology is being incorporated into business solutions to ensure greater security. Although many may only be familiar with applications of blockchain in cryptocurrency, new formats of the technology have emerged and will continue to advance.

“You’ll see a blockchain economy in the next five years,” said Robin Raskin, former president of Living in Digital Times, which produced several CES® programs. “We’re going to find great use cases for blockchain in shipping, identifying counterfeit products and other applications.”

 

Blockchain Across Industries

At CES 2020, many of these newer applications of blockchain were on display.  Attendees and blockchain non-experts engaged in a conversation that previously seemed reserved for subject-matter insiders.

Products in robotics, the Internet of Things and communication devices demonstrated new opportunities for blockchain technology.

Communication — Pundi X displayed CES 2020 Innovation Award-winning Blok On Blok, the world’s first blockchain phone powered by new operation system Function X.

The smartphone empowers users to own their data by decentralizing apps, websites and services. With the phone in blockchain mode, users can call, message or browse the internet without third parties monitoring or blocking the data.

Web Services — Open Index Protocol creates a public space for content distribution on the internet. The first permission-less system with a decentralized and transparent index, Open Index Protocol enables open source record indexing, file storage and distribution, and transaction management.

“Blockchain and other essential technologies will bring more transparency and access to information than we have ever seen,” said Amy James, Open Index Protocol co-inventor and CEO of Alexandria Labs.

Food Tech — At a banquet during CES 2020, IBM showed how its new blockchain system IBM Food Trust can trace the source of the ingredients for each dish served. The system digitizes transactions in food supply chains, allowing partners to confidently and securely share food information to create a more transparent and trustworthy global food supply chain.

Blockchain and other essential technologies will bring more transparency and access to information than we have ever seen.

Amy James
Open Index Protocol Co-inventor and CEO of Alexandria Labs

 

Looking into the Future of Blockchain

Las Vegas entrepreneur and Republican Congressional candidate Lisa Song Sutton said on a Digital Money Forum panel at CES 2020 that the ideal blockchain regulation protects the customer while allowing innovation.

“We must elect public officials who understand modern business, modern technology and will be advocates for blockchain,” she said.

As adoption of blockchain technologies becomes more widespread, leaders in the industry see blockchain integrating with advanced technologies, such as artificial intelligence and 5G, that help grow the economy.

CES 2020 blockchain experts agreed that blockchain has grown to be much more than financial technology.


Learn more about different applications of blockchain in i3 magazine.

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It Is Innovation (i3) magazine, the flagship magazine from the Consumer Technology Association (CTA)®, focuses on innovation in technology, policy and business as well as the entrepreneurs, industry leaders and startups that grow the consumer technology industry.

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