Blockchain Technology can have application beyond Cryptocurrency industry, says FedEx Executive

Back in the 1990s, using email was pretty much the highest form of utility that the internet had for average users, as there was no other practical use for it. With a nonexistent infrastructure, internet access was almost considered to be a novelty that would phase out with time.

This is also true when it comes to the outlook towards Blockchain technology today, as only a single facet of its use case is popular publicly. The multiple scenarios for its applicability remain largely underdeveloped and limited to the niche of cryptocurrencies.

This opinion was also epitomized in a recent press interview of Dale Chrystie, who is a Blockchain Strategist and Business Executive for FedEx. With over 12+ years of experience with FedEx, Dale draws parallels between the rise and usefulness of internet and blockchain technology for the world economy.

Dale explains how Blockchain technology can be used in a variety of industries like consumer retail, agro-products, and in a wide array of supply chain management processes. For instance, the automotive industry could use Blockchain to reliably record and trace an automotive part as there can be up to 30,000 of those in a single vehicle.

Even the air transport industry could use the same technology to trace aircraft parts. Considering, a single aircraft could have up to 2 million parts, reliable tracking, and authenticating the origin of every part can be crucial during maintenance.

Currently, Blockchain is erroneously considered to be one and the same as Bitcoin. In reality, Bitcoin is just one application of Blockchain technology and not its usus-optimus. Often considered as the internet of money, Bitcoin, like regular money, is just a language that we humans created to express value to each other.

As more and more businesses adopt blockchain technology and create new services around it, the proprietary blockchain platforms will give way to more standardized open source Blockchain platforms. Coupled with the rise in popularity of cryptocurrencies as legitimate financial instruments, the future looks promising for the Blockchain technology.