It is not difficult to look for use cases for Blockchain. Most of these cases are directed on the financial sector, although the potential of the technology is not exclusive to finance. According to IBM, Blockchain technology has the capability to disrupt people’s views on how the government functions. IBM fellow Jerry Cuomo is quite certain that governments should start adopting distributed ledgers and promote the worldwide use of this ground-breaking technology as much as possible.
Blockchain technology possesses many different aspects to it. In many ventures, Blockchain is all about accelerating financial operations. Although there is an advantage to this use, it is also imperative to look at the technology from a different perspective. Distributed ledgers have the potential to disrupt practically any operation or business model known to mankind. Furthermore, it is also the foundation for cryptocurrencies; even though the crypto has become a pain in the neck for most banks and governments right now.
Things will become more interesting with IBM actively advocating for Blockchain. Considered as a transformative technology, it should be treated as such at all times. Cuomo believes that the technology can disrupt government and many business operations but in a positive way.
IBM is currently engaged in more than 400 distributed ledger projects, quite an impressive feat so to speak. In addition, Cuomo further confirms these projects span a number of different industries. Industries susceptible to disruption are supply chain, healthcare, and government services.
Regrettably, it appears that most of these efforts are concentrated on the US. Even if this not a bad thing, Cuomo said the rest of the world needs to “wake up.” IBM has demonstrated there are hundreds of use cases for distributed ledgers. It is now other governments’ turn to promote the use of this technology. And it is about time that governments themselves start using Blockchain technology as well. Blockchain can be employed in securing identities, fast and convenient payment transactions, and revamping administrative tasks.
Whether or not governments will heed IBM’s words is still uncertain. In Dubai, the government has united with the technology company for a citywide Blockchain pilot project. The rest of the world will hopefully follow this initiative sooner or later. Before that, governments have to give companies a little push.
Cuomo also explained the difference between digital currencies and Blockchain. While the former is dependent on the latter, this is not by any means the whole representation of the technology’s potential.