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What If You Hate Crypto: Is Blockchain Still Useful?

More and more people hate crypto and all the talk surrounding its popular poster-children (i.e., Bitcoin and Ethereum). They don’t get why another form of “currency” is necessary — even though it’s actually not a currency without agreement of transactional parties — when cold hard cash does just fine.

Those uninformed on the subject may even translate their hate for crypto onto blockchain, which is the underlying digital ledger technology powering cryptocurrencies in general. What they don’t realize is that blockchain has far more uses than supporting B2B or B2C transactions.

Bottom Line: It Shouldn’t Matter If You Hate Crypto

Blockchain technology has the transparencies and efficiencies that can allow your business to save money and re-channel resources typically reserved for administrative costs into more profitable endeavors. Here are just some of the industries currently using blockchain to make a difference:

  • Transportation: The Blockchain in Transportation Alliance (BiTA) is a consortium of hundreds of freight companies that have agreed to use one platform for the tracking and quality assurance of shipments among other transport-related factors. Many of the biggest shippers in the world have signed on. Expect rapid gains in adoption over the next year.
  • Digital asset management (DAM) software: MediaValet is a company committed to building a robust blockchain consortium among companies that deal with digital assets. “Launching a DAM supply chain industry consortium is a significant first step in leveraging digital asset supply chain concepts and blockchain technologies to solve the interoperability and protocol standardization challenges that have held back the DAM industry to date,” commented Ralph Windsor, Project Director of Daydream.
  • Healthcare: UnitedHealthcare, Humana, and some other entities have signed on to a blockchain that would ensure the accuracy of patient data across multiple providers, thus reducing many of the administrative costs that make healthcare costs so expensive. The effort is in its infancy, having been announced in early April. The players expect it could significantly reduce the $2.1 billion in annual administrative costs. If scalable, this also could make a tremendous impact in the cost of healthcare overall. The next five years will be interesting to watch as major healthcare players roll up their sleeves with blockchain technologies.

Blockchain Is Here to Stay

It’s understandable if you still have questions about how blockchain could influence your business, and whether or not you’re using it within the realms of current laws. There is still much to be determined at the state and federal levels, and experienced attorneys like John Teakell can help you grasp both present and future considerations. If you’re ready to take the next step, give him a call or contact him here.

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