Blockchain Technology Is Delivering The Future – Now
Blockchain isn’t just the tech of the future. It’s bringing significant change to our lives and how we do business.
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.
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 ’. 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.
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.