Howard Shultz has confirmed that Starbucks will be likely to utilize blockchain technology as part of new payments app. There is the relatively old news of the planned rollout of KodakCoin, a photographer-oriented blockchain cryptocurrency used for payments for licensing photographs. Uber’s co-founder, Garrett Camp, even has plans to launch a cryptocurrency, ECO. It is fair to say, therefore, that blockchain technology no longer something that merits a reaction of immediate cynicism. Whilst some of the reservations people have about cryptocurrency investing, in particular, are more than valid, I believe it would be foolish to join the ranks of those writing off the crypto world as a repeat of the dot com bubble without further inspection and diligent research.

The rise of cryptocurrencies continues to shed light on the benefits of decentralized systems, like those that could be implemented into the healthcare industry. Despite the media being saturated with talk of BitCoin and Ripple, the fastest and most decentralized of all of these is, in fact, DigiByte. The DigiByte blockchain is spread over more than 190,000 servers, computers, phones and nodes globally and, as one of the first and only currently active blockchains to hard fork from a single mining algorithm to five mining algorithms, it has the most advanced difficulty stability of any blockchain in the world. Made of three layers, it is DigiByte’s digital asset layer that brings its platform a greater degree of security. These unique assets are non-counterfeitable stores of value and are far more resistant to hacking than other leading blockchains. With the media focus on Bitcoin because it came first and Ripple because of its connections to leading financial institutions, the DigiByte blockchain is actually something that could change the world.

Blockchain tech has gone from a basic store of value to actually creating value and evolved to demonstrate how it can make many industries fairer and more efficient. The likes of Google and Facebook effectively offer email and messenger services in exchange for the data mined from their users and, subsequently, profit from the value that’s created by consumers. They are able to create Artificial Intelligence algorithms based on their users’ actions at no cost. For example, when you mark something as spam on Gmail, Google’s AI algorithm will be optimised to identify spam in future. With data becoming increasingly valuable as technology becomes further embedded into society, the DigiByte blockchain could enable the decentralization of the burgeoning AI industry. It should also allow consumers to be compensated for their creation of data, as opposed to simply driving profit for big corporations who do not incentivize them.

The huge inefficiencies of healthcare could be avoided through utilizing the tech. The storage of health records is currently not secure and very fragmented, and patients currently struggle to have this data transferred, with the consequence that important medical history is lost. The bureaucratic time-wasting that occurs in order to recover these records compromises the resources available to medical staff to treat patients. The DigiByte blockchain could allow medical staff and patients to upload data into patently secure, decentralised systems, so medical records are all available globally, time-stamped and verified. This could change the face of medical research, as completely confidential health profiles would be accessible and eliminate the need for voluntary surveys. Health insurance premiums would be fairer and cheaper too.

As a fashion designer with a passion for sustainability, I see blockchain tech as the answer to the prayers of everyone doing things fairly in my industry. The DigiByte blockchain could be used to verify every part of the supply chain, which will have a huge effect on an industry that’s rife with corruption and deception. This would begin with confirming that environmentally friendly materials are sourced for making clothing, and continue with corroborating that ethical and environmental practices are employed by production houses and suppliers, that they’re not engaging in child labour and that their workers are paid properly, and that no hazardous chemicals are used in manufacturing their garments. It would put an end to brands mis-advertising where their clothing is made or what materials are used in production, and eliminate customers being misled in anyway.

Clearly, one would be ill advised to get into debt in order to invest in cryptocurrency or to risk any proportion of capital that would be unaffordable to lose. That said, profiting off crypto investments has now funded many entrepreneurial ventures, such as the innovative Worm, the first and only interactive, slow motion video app. Blockchain tech is not something to be afraid of but, rather, an entrepreneurial opportunity and a chance to innovate, whether it be in the data, healthcare, banking or fashion industries or in countless others. Let’s, cautiously and sensibly, be excited!