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Given the blockchain industry’s broader focus on crypto, we often overlook the broader applications of blockchain technology.
Yet, blockchain is quietly revolutionizing various consumer technology sectors with its potential to transform how we trade, work and play.
At CES 2024, I participated in a panel titled, ‘Blockchain’s Impact on Consumer Technology,’ that aimed to shed light on current real-world implementations while also highlighting the next steps to making blockchain even more mainstream.
I was joined on stage by experts from across the Web 3.0 and blockchain ecosystem, including Ryan Yi from 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 pivoted around blockchain’s core benefits for consumer technology, focusing on traceability, brand protection and security.
Traceability, transparency and authenticity
Traceability is a hallmark of blockchain’s utility. It’s vital in product supply chains, enabling consumers to access crucial data accompanying each product.
As Sharon Weisman of PowerStation Studios said,
“We need more transparency. We want to know where things are coming from, we want to know that they’re licensed authentically and we want to know who has the rights and who gets paid.”
Arwin Holmes from EY highlighted blockchain applications across sectors like pharmaceuticals, where regulatory compliance and quality checks necessitate impeccable traceability.
Similarly, early implementations in the wine industry have demonstrated blockchain’s value to the luxury goods market.
According to Wine Enthusiast, rampant wine fraud up to 50% in some markets has led to rising interest in blockchain-based solutions.
Luxury customers are deeply concerned with authenticity, and 71% of consumers are willing to pay more for traceable premium goods.
Holmes said,
“Traceability is really important, and that is one thing that blockchain brings to any product.”
Brand protection and engagement
Blockchain’s ability to safeguard brand integrity and prove authorship especially in the face of generative AI challenges and battles with ‘fake news’ was another key discussion point.
For example, ANSA, the leading news agency in Italy, partnered with EY in 2020 to launch a blockchain-based news tracking label, ANSACheck.
This application enables 24…
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