Finding use cases for blockchain technology is not that difficult. Most efforts focus on the financial sector, but there’s a lot more to this technology than just finance. According to IBM, this technology can disrupt the way we think about governments altogether. Jerry Cuomo is convinced governments should embrace distributed ledgers and encourage global use of this revolutionary technology as much as possible.
There are a lot of different facets of blockchain technology. For most enterprises, it is all about streamlining financial operations. While there is merit in that approach, its important to keep an eye on the bigger picture. Distributed ledgers can be used to disrupt virtually any operation or business model we know of. Moreover, it is not just the foundation for cryptocurrencies, which are a pain in the neck for most banks and governments right now.
IBM is Bullish on Blockchain Technology
With IBM firmly advocating for blockchain, things will undoubtedly get very interesting. It is a transformative technology, which should be treated as such at all times. IBM fellow Jerry Cuomo is convinced this technology can disrupt governance and most business operations in a positive way. The company is engaged in over 400 distributed ledger projects as of right now, which is rather impressive. Moreover, he further confirms these efforts span many different industries. Supply chain, healthcare, and government services are just some of the potential industries prone to disruption.
Unfortunately, it seems most of these efforts focus on the US. Although that is not a bad thing, the rest of the world needs to “wake up”, according to Cuomo. IBM has shown there are dozens, if not hundreds, of use cases for distributed ledgers. It is now up to other governments to encourage the use of this technology. Moreover, it is time governments themselves start using blockchain technology as well. Securing identities, enabling convenient payments, and revamping administrative tasks are just some of the possibilities.
Whether or not the words by IBM will fall on deaf ears, remains to be seen. The Dubai government has partnered the technology company for a citywide blockchain pilot. It is only a matter of time until the rest of the world follows this example. Before that can happen, governments may need to nudge companies in the back a bit. Additionally, Cuomo explained there is a big difference between digital currencies and blockchain. While the former uses the latter, it’s not a representation of this technology’s potential by any means.