In just a short period, blockchain technology will solve many of our problems that we have not been able to resolve in decades. Recent announcement from Facebook is just one example of blockchain adoption and how blockchain technology will change our lives in just a few years. Most people equate blockchain with crypto only and can not yet foresee how blockchain can be applied in many areas to improve the quality of our life.
Facebook CEO, Mark Zuckerberg recently announced at the annual Connect conference that the company is changing its name to Meta and said, “From now on, we’re going to be the metaverse first, not Facebook first”. One of the beneficial characteristics of distributed blockchain technology is decentralization which can also be applied to identity and data management, however, while many platforms like Facebook are likely to adopt blockchain, it remains to be seen how centralized they will remain. Partially decentralized architecture may be the right option for some organizations and their platforms where decision making power about the network is not completely taken away from a central figure or authority. These are just some decisions that will need to be made as the technology is adopted.
How Blockchain Will Solve Many Problems
Although Facebook is late to the game as metaverse has been in development for many years by players such as Sandbox and Decentraland, it is just one example of how Blockchain technology is rapidly changing our personal and business world. The next 10 years will sure not look anything like the last decade. The blockchain technology will solve some of our biggest challenges that we have either not been able to solve for years or have partially solved with ineffective and inefficient processes such as in anti money laundering and financial disclosure laws. To illustrate how blockchain technology solves our problems and improves our world, various blockchain projects which are currently active are solving challenges around digital payment speed and cost, transaction automation with smart contracts, product authenticity validation and counterfeit detection, money laundering, product tracking and supply chain management, data management, and privacy just to name a few.
Whether we are talking about human identity or device and product identity, transaction data stored on public ledgers will offer immutable and transparent information about the nature and participants of the transactions. Blockchain offers other benefits such as enhanced security, decentralization, self-sovereign identity giving people control of their own data, distributed ledgers for transparency, faster settlement through smart contracts, and trustless consensus for transaction validation which means that even though millions of network nodes which validate transactions may not trust each other, they trust the algorithms that run the core network.
These are just a few examples of how our world will change shortly and the primary objective of the “global reset” may well be the introduction of global digital currencies to replace cash for financial transaction monitoring and control. I look forward to valuable advancements and use cases in the blockchain technology that serve humanity including solving some of our pressing challenges in cybersecurity, identity, and data management.
Founder and President
Identity Management Institute