Blockchain adoption and crypto adoption are two different things, despite the fact that the two technologies will forever be tied together since one sprung forth from the other. Numerous cases already exist of businesses and business organizations adopting the blockchain.
Just think about IBM’s Food Trust chain, Maersk’s TradeLens, and Nasdaq’s usage of the blockchain for record-keeping, for starters. Adopting the blockchain doesn’t have to mean using cryptocurrencies at all. These use cases might still lead to the development of dedicated cryptocurrencies, though this is not necessarily a foregone conclusion.
With today’s news that the International Chamber of Commerce is considering using the blockchain at scale, it is likely that the crypto markets will be in some sort of uproar even so. Still, with the description of their undertaking in mind, the suggested thesis above that using the blockchain does not necessarily mean using a cryptocurrency seems likely once again.
The ICC is examining using the blockchain to help its’ members improve the efficiency of their supply chains, through enabling truly end-to-end monitoring of products as well as the recording of immutable data about them. This, however, is merely the core use case of the blockchain.
In the beginning of its’ existence, the blockchain was basically just a digital ledger that facilitated these types of activities in a faster and more trustable way than any other existing solution. Then, Satoshi Nakamoto came around and changed all of that.
Therefore, before we begin rushing to buy more Bitcoin and other cryptocurrencies every time that a crypto news source cries widespread adoption, we should validate exactly what kind of adoption they are referring to.
By: BGN Editorial Staff