How will blockchain be applied in the near future?

1.2k views1 Upvote7 Comments

CEO in Software, 11 - 50 employees
In the media industry, we've seen over $500M generated by NFTs just in the past year, which is an interesting avenue but I don't believe that's where it will stop. Spotify acquired the Mediachain, which uses blockchain technology to track all the royalties for songs played. Using Mediachain, artists would be able to engage record labels in a transparent contract because they could actually trace their song plays and be paid accordingly. And we've seen certain edge cases, such as DNA: Some couple companies in Silicon Valley are trying to have every single genome connected to a blockchain to figure out how you could host all your private health data on it. The sky's the limit for potential applications. But the timing is probably the most interesting thing — when are we going to see some of these things? I think we'll start to see blockchain picking up pace in the next three to four years, but the biggest applications will show up in eight years or so.
Board Member, Advisor, Executive Coach in Software, Self-employed
There are definitely a lot of interesting and hopefully useful things that blockchain can do. But I do believe there are a variety of challenges and risk issues with it. When you look at Bitcoin and the IRS, there are now regulations coming in to curtail Bitcoin because of ransomware. But at the same time, getting the right regulations might legitimate it to some extent.

So there are all these interesting offshoots, but something I've thought about for a couple years is blockchain operations. Today we have a network operations center (NOC), we have a security operations center (SOC), so will we need a blockchain operations center (BOC)? Because it's going to be different from what people are dealing with operationally today and how they think. If you don't have the right operations around it, you're certainly going to screw up the security and integrity of the whole thing. Even if it's decentralized, you will have some operations that are centralized for your specific needs. Operations around blockchain will be very interesting, not only from the broader IT perspective but the implications for maintaining the integrity of the entire process as well.
Managing Partner & CISO in Software, 11 - 50 employees
There’s speculation but I don't think that blockchain will replace any fiat; central banks will have a heyday with that. Blockchain today is similar to 3D printers: It's an answer looking for a problem. And there are very few things that it’s perfectly suited to.

It's going to take time for people to process and think about enough to to understand. For example, if you want to see the history of every property, or every car, blockchain makes a ton of sense. Then there are other applications where people think, "We're just going to put the customer transaction there." But do you really care what they did 20 transactions ago? If you don't, why are you using blockchain?
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Member Board of Directors in Finance (non-banking), 201 - 500 employees

That is such a great point. The title industry can be completely disrupted if you use blockchain technology. Why do you need title insurance if you have that immutable ledger? Why do you need to pay over a thousand dollars every time you do a real estate transaction? That's a perfect example, but I'm wondering who will actually drive that.

Managing Partner & CISO in Software, 11 - 50 employees

It won't be the Fannie Maes of the world, for example, or the very large organizations that have 500-people departments. It's going to be a startup. Then there will be opportunities of collaboration or possibly an acquisition to get that IP. Very few large companies do innovation well. They have innovation centers and spend a lot of money, but they’re terrible at it.

CTO in Software, 11 - 50 employees
There is often a lot of conflating of blockchain with cryptocurrencies as well as a blanket statement of "we're putting it on the blockchain" as if that is a panacea.

Blockchain technology should be a COMPONENT of an overall strategic endeavor and one should NOT use a blockchain as a database.

People also often talk about transparency with respect to blockchain, when what they really should be talking about is immutability. That is uber important with respect to any solution that is in the #FinTech sector.

I was one of the first Advisors and CTO for a couple of years (and still involved) with, so I "think" I know a bit about this.

CTO in Education, 11 - 50 employees
Blockchain is a technology which started off with the killer app, Bitcoin. Ever since whole world is still waiting for next killer app, in another domain. In the meantime we have had few disruptive things in Ethereum (likes of it) world such as DeFi, NFT, DAO etc. But if you look at the user adoption/participation, it is still very, very low.  Public blockchain is largely in the space of Gaming, Gambling, Exchanges and FinTech – in other words apps that need token/currency economy. 

Permissioned Blockchains such as Hyperledger family are being used by big financial institutions, exchanges and logistic companies, we hear.  But that is happening behind the doors, we really do not know their true success yet.

For a question like yours, I only see answers like 'These are various business use cases where blockchain can be applied'. What we possibly do not see, as yet, are the answers like 'Here is the application on blockchain which replaced such and such legacy solution and these are the concrete upsides'. I am waiting.

PS: I will be super excited if I see specific products/solutions/Apps listed here as answers. 


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CTO in Software, 201 - 500 employees
Without a doubt - Technical Debt! It's a ball and chain that creates an ever increasing drag on any organization, stifles innovation, and prevents transformation.
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