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Given the blockchain industry's broad focus on cryptocurrencies, we tend to overlook the broader applications of blockchain technology.
But blockchain is quietly revolutionizing various consumer technology sectors, with the potential to change the way we transact, work, and play.
At CES 2024, I participated in a panel entitled “Blockchain's Impact on Consumer Technology.” This panel aimed to highlight current real-world implementations while highlighting the next steps to make blockchain even more mainstream.
Experts from across the Web 3.0 and blockchain ecosystem joined us on stage, including Ryan Yi of Coinbase Ventures, Arwin Holmes, blockchain CTO of Ernst and Young, and Dirk Lueth, CEO of Upland.
Moderated by Sharon Weisman, CEO of PowerStation Studios, the discussion revolved around blockchain's core benefits for consumer technology, with a focus on traceability, brand protection, and security.
Traceability, transparency and reliability
Traceability is a useful feature of blockchain. This is essential in the product supply chain and allows consumers to access important data that accompanies each product.
Sharon Weisman of PowerStation Studios said:
“We need more transparency. We want to know where things come from, whether they are legitimately licensed, and who has the rights and who is getting paid. I want to know.”
Arwin Holmes from EY highlighted blockchain applications across areas such as: pharmaceuticalsregulatory compliance and quality checks require perfect traceability.
Similarly, early adoption in the wine industry demonstrated the value of blockchain to the luxury goods market.
According to wine lovers, it's rampant wine scam Up to 50% in some markets There is growing interest in blockchain-based solutions.
Luxury customers place a high value on authenticity, with 71% of consumers willing to pay more for premium products that can be traced.
“Traceability is very important and that's one of the things that blockchain brings to any product.”
Brand protection and engagement
Blockchain’s ability to protect brand integrity and prove authorshipEspecially as we face the challenges of generative AI and the fight against “fake news.” was also an important point of discussion.
For example, ANSA, the leading Italian news agency, partnered with EY in 2020 to launch a blockchain-based news tracking label. ANSA check.
The application enables 24 Italian news publishers to securely create and distribute content, allowing readers to see at a glance when and where an article was first published, and to identify the article's primary source. and compare syndicated or derived news items with those originally published. version.
Launched during the misinformation crisis at the beginning of the COVID-19 pandemic, ANSACheck provides an important layer of accountability and trust between media and audiences.
Similarly, Reuters partnered In collaboration with Canon and Starling Labs, we will pilot a blockchain-based image verification system.
In the age of AI-powered social media misinformation campaigns, Reuters aims to make authentic images traceable from capture to publication and distribution.
“This serves the public interest, provides some brand protection, and also builds a level of integrity and engagement with customers.”
Coinbase Ventures' Ryan Yi emphasized the importance of understanding the core infrastructure and tools available to companies building blockchain applications, and the diverse ecosystem of consumers, service providers, and regulators involved. emphasized.
Nevertheless, blockchain technology is uniquely suited to address the modern trust crisis.
Security and Consumer Affairs Agency
A notable benefit of blockchain is that it gives consumers power over their data.
Yi emphasized that blockchain gives consumers more control over their information, allowing them to better manage consent and selectively share data on-chain.
But blockchain also opens the door to new business models with active consumer participation, allowing consumers to become part of a company's journey rather than just a revenue source.
The panel unanimously agreed that blockchain's inherent transparency and immutability make it a secure platform for application development.
“I believe this will help us build a better-functioning future world.”
We also discussed the relationship between blockchain technology and AI, especially from a security perspective.
As blockchain applications become ubiquitous in consumer technology, the need for a robust security framework becomes paramount.
The traditional consumer electronics industry has been grappling with security for over 20 years.
Blockchain and Web 3.0 founders and entrepreneurs should learn from these lessons and consider security from the beginning when building consumer experiences.
Every blockchain founder should ask themselves questions like: “How does my app make me, my company, and the consumers using this product vulnerable?” What security tools and resources are available?”
No one wants to be a victim of fraud or hacking, but all businesses and customers are vulnerable.
The adoption of blockchain in consumer technology requires the integration of user-friendly applications and robust security measures.
Consumers are already using blockchain in their daily lives, even if they don't know it.
For example, Starbucks loyalty program Uses blockchain technology Built by Polygon for rewards, mobile payments, and ordering.
Consumers using the Starbucks app are accessing a Web 3.0 experience through their mobile app. This type of unique use case is a huge step forward for consumer blockchain applications.
The average user doesn't even know that many of the most valuable applications of the future are using blockchain technology to make their experience smoother and more secure.
During the panel discussion, Yi pointed out that the convergence of consumer technology and blockchain is creating a more intuitive user experience and smoother blockchain interactions.
Upland's Dirk Lueth went a step further, emphasizing that blockchain will have a huge social impact, especially when combined with AI and the Metaverse.
“Generative AI is democratizing content creation. The next step is to use blockchain to turn content into NFTs and allow consumers to use those assets in the metaverse. The appeal of blockchain is that it is global, always available 24/7, and can set the world standard for moving and managing value.”
The CES 2024 panel discussion made it abundantly clear that blockchain is not just a buzzword, but a fundamental pillar of future consumer technology innovation.
the message is clearBlockchain will be a key driver in the evolution of consumer technology.
Businesses looking to future-proof their businesses should start working on blockchain applications today.
Brittany Mier y Terán is harpy, the company that created the first on-chain firewall to prevent hacking, fraud, and theft. She specializes in enterprise grade blockchain security solutions and is passionate about public goods projects with a focus on next generation Web 3.0 deployments. Brittany was recently named one of the “40 Under 40” and was awarded the title of “Women to Watch” at CES 2022.
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