Tech
15 Applications for Blockchain Technology
The Motley Fool: What advice would you give to someone interested in investing in blockchain technology?
Dr. Ozair: Blockchain technology is definitely the future. There is no escape. However, it is difficult to predict which projects will last and which will fail and be forgotten.
Most blockchain technology companies are in their early stages, if not very early stages. So, investing in companies that use blockchain technologies carries the same risks as investing in a startup. And as with any startup, the risk-reward ratio is high.
So, learn about blockchain technology, do a thorough due diligence on any project, from its technology to its business model to its execution. Know the “problem” it is trying to solve and what solution it is offering, both from a technology perspective and a business perspective.
Blockchain technology offers great potential, but the realization is in the details.
The Motley Fool: In your opinion, in what industries, besides finance, do you think blockchain has the potential to disrupt the industry?
Dr. Ozair: The future I envision is that every product or service application we know of today will run on some form of blockchain technology. In other words, the “rails” of all products and services (i.e., the technology that “runs” these applications) will be some form of DLT.
I firmly believe that in 10 or 15 years this will be feasible.
Just as the Internet has become a fundamental part of our daily lives, and we cannot imagine life without it, so will DLT. When we use the Internet, we do not ask ourselves, “How does it work?” or “Why should we use it?” – we simply use it for the mobility, flexibility, efficiency and connectivity it provides. The COVID-19 pandemic has highlighted the benefits of the Internet. It has enabled us to connect to services, products and people and facilitated a seamless transition to a remote and contactless global economy. Now Web 2.0 – Internet is evolving into Web 3.0 – Distributed Ledger Technology.
The Motley Fool: What innovations or trends in blockchain technology excite you the most?
Dr. Ozair: The blockchain technology ecosystem is evolving very rapidly. Every day (literally) we learn about new applications and new business use cases that have used blockchain technology. It is really, slowly but surely, being implemented in every industry and in every “traditional” application. From finance to healthcare, from retail to art to education, the implementations are endless.
The real power of blockchain technology is its ability to facilitate services to underserved communities and truly democratize society. This was the premise of Bitcoin when it first launched in January 2009, as a peer-to-peer payment system, and we kind of lost sight of the main purpose of blockchain technology when “greed” got in the way.
Using a Decentralized Autonomous Organization (DAO) as the governance of any blockchain system and application will enable blockchain applications to meet the needs of underserved communities, nationally and globally.