The Myopic View of Blockchain Technology is Affecting Innovation

Is there anything that blockchain technology can’t do? The question is hard to answer as long as we don’t change the way we perceive the distributed ledger technology. The blockchain technology is still in its nascent stages, but we fail to look at it with a fresh pair of eyes, says George Benner — Head of Digital Strategy at Droga5 Advertising Network.

In an article on one of the websites, George points out that by the overt commercialization of Blockchain technology, majority of the world is failing to see the endless opportunities it has to offer. Blockchain technology is being compared to the internet, which has been around for a long time now. While there are few similarities between the blockchain technology and internet, those who are unable to understand its full potential tend to swear by the known technologies instead of creating new benchmarks.

There are many of blockchain technology based companies in the world. Most of them are concentrating on the commercial applications of the technology, overlooking various other use cases. The number of companies working on blockchain technology based application for banking and financial sector as against those catering to rights management, content distribution and range of other sectors is a shining example of the divide between industries.

The distributed ledger technology is much more than a decentralized commercial cloud infrastructure. It is not just a glorified database with additional security and processing features. It is the answer to free global society, where individuals and communities can interact and do business with each other without having to worry about the geographical boundaries or bureaucracies of different governments. The world without boundaries may soon be a reality if the technology is used right; by creating a single repository for all records; optimizing manufacturing; managing rights and IP; optimizing the distribution of goods and products by tracking goods and commodities throughout the supply chain and more.

In the end, it is how do we want the distributed ledger technology to grow. Should we let our myopic views limit the innovation or should we think out of the box and encourage new possibilities?

Ref: Fast Company | Image: Shutterstock