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Blockchain Technology Is Delivering The Future – Now

By Jack Muhs | October 29, 2021

Blockchain isn’t just the tech of the future. It’s bringing significant change to our lives and how we do business.

For some time now, the rapid rate of technological advancement has felt like we’re hurtling at speed to a completely new and automated future. The past decade alone has seen big breakthroughs in robotics, artificial intelligence, augmented and virtual realities, and blockchain. Far from being a futuristic concept, these tools and technologies are already being successfully put to use across multiple industries.

And the environment around us is constantly evolving, transforming, and challenging the status quo. Powerful trends are shaping and reshaping lifestyles, driving new technologies, and changing both business and human behavior. It’s crucial for industries to stay up to date with these changes and respond accordingly.

Blockchain: evolving beyond the future of data security

Take blockchain, for example. This technology, when first explored, was viewed as the future of data transfer. In reality, blockchain is already bringing significant change to our everyday lives, as consumers demand more transparency into the products they purchase.

Have you ever wondered if the Fair Trade logo on the chocolate bar or jar of coffee you purchased is authentic? With blockchain, every piece of information - from the exact GPS coordinates of the cacao tree, to the manufacturing facility, the logistics provider, and the retailer is digitized and recorded in an encrypted format, then saved in a single trusted source.

Whether a consumer wants to check the ethical sourcing, sustainability, or authenticity of the product they purchased, blockchain is the technology that verifies each step in the supply chain and validates the genuineness of the information.
The success of any future technology depends on it being dynamic, experimental, and sustainable. Blockchain fulfils all three criteria; simply put, ‘the Future is Now ’.

The future is now

The success of any future technology depends on it being dynamic, experimental, and sustainable. Blockchain fulfils all three criteria; simply put, ‘the Future is Now ’. To be dynamic, industries must adapt to environmental or technological changes. They need to be a force of change that motivates, affects development, or challenges the existing state. Blockchain matches this approach by taking information already available in multiple places, and not only making it secure, but providing access for anyone along the supply chain, including the consumer.

The daily discovery of new uses and their potential to solve real-world challenges show the technology’s dynamic nature. From increasing the efficiency of disaster relief to improving consumer services, a wide range of uses are being explored. Blockchain in the global logistics and supply chain market alone is set to grow to $3.3 billion by 2026. In fact, when blockchain works with other emerging technologies, it becomes even more effective and impactful in providing users insight into details about products throughout the supply chain.
The success of any future technology depends on it being dynamic, experimental, and sustainable. Blockchain fulfils all three criteria; simply put, ‘the Future is Now ’.

Similarly, to be experimental, trial and error and imagination is crucial to be progressive. The simplicity offered by blockchain allows industries to experiment with its uses. This can result in the creation of new business models and more efficient processes within an organization.

For example, life-saving pharmaceuticals and emergency medical supplies, including the COVID-19 vaccine, often come with specific prerequisites in terms of temperature and shelf life. The integration of blockchain and IoT can increase traceability and reliability of information regarding critical medical shipments throughout the supply chain.

Sustainability has also been a driving force behind the change of business practices, and the range of products offered. Fueled by the need to spread awareness of eco-friendly practices, many manufacturers and retailers are actively adopting steps to reduce their carbon emissions and keeping consumers informed. Here blockchain plays a critical role in creating a clear record of product history and sustainable sourcing initiatives adopted, which allow consumers to make a more informed purchase decision.

Disruptive technologies like blockchain are creating the network for what’s next

To be successful, technologies should be scalable, experimental, and sustainable. Additionally, for any new or innovative technology to have a lasting impact, these technologies need to have clear real-world applications. Blockchain is a prime example of a disruptive future technology that is unfolding in the present, enabling both consumers and industries alike. The logistics industry is ready to respond. For more stories and trends on technology and innovation, visit our innovation section here.
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A version of this was first published in The Economic Times India on September 23, 2021.
About the Author
the author bio

Jack Muhs

President, Middle East, Indian Subcontinent, and Africa (MEISA), FedEx Express

Since joining FedEx in 1984, Jack Muhs has held many management positions, including managing director of Global Operations Control from 1996. He is a four-time recipient of the FedEx Five Star Award, the company’s highest award for individual leadership and contribution. Jack is based in Dubai.