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Of late, there has been a lot of noise on blockchain technology and cryptocurrencies. While some feel it is a hoax, others believe it is the world's next largest economic revolution since the internet. However, now with cryptocurrencies' prices having plummeted to near-historic lows, it has left many to wonder what's next for these digital assets. But realistically speaking, cryptocurrency is just one aspect of the larger blockchain universe.
Blockchain technology is about much more than just cryptos. In fact, blockchain enables the existence of cryptocurrency and it’s not the other way round. It's unfair to allow the unpredictability of market volatility and the crypto collapse to impede the development of this game-changing technology. It’s time that skeptics and fans come to recognise blockchain as a technological innovation rather than just an obvious con or a speculative pathway to wealth. Therefore, those who have heavily invested in blockchain projects, don't let the crypto collapse undermine your confidence in this innovative technology.
For the uninitiated, blockchain, a rapidly evolving technology, is a distributed, decentralised, public ledger that records transactions and allows for complete transparency. It can even be used for various non-financial functions, such as voting in elections or establishing that a document exists at a particular point in time. Blockchain not only enables smart contracts, decentralized autonomous organizations, decentralised government services but also transactions, trust, transparency, and the traceability of data shared across business networks. When we say blockchain enables data decentralisation and makes it more secure and impossible to manipulate the technology, here’s what we mean!
When we spot a cheap fashion Gucci, or Hermès handbag on an online marketplace, we all know the drill; it's an illegal counterfeit. To fight counterfeiting, these luxury fashion brands leverage blockchain-based NFTs to ensure the authenticity of the item. In one such instance, leading fashion brand Burberry, which went through a phase of counterfeits, destroyed £28.6 million worth of garments and cosmetics in an effort to secure its upscale brand reputation and deter counterfeiting. But burning excess products to retain exclusivity did not go too well with the consumers and environmentalists. Following a consumer boycott campaign against luxury fashion house Burberry, they ended the distasteful practice. Burberry, however, no longer has to be concerned about counterfeit concerns. Leveraging blockchain technology, the brand ensures that its customers receive a certificate of authenticity and a digital signature QR code to track the lifecycle of any product they purchase.
No wonder, several industries, from FMCG, gaming, and entertainment to finance and supply chain, have started to use blockchain to improve data monitoring and management processes in their daily operations. Top organisations such as Google, Visa, and Deloitte too are heavily investing in blockchain projects. Joining the bandwagon, Dubai-based data and location-driven marketing services company, MEmob+ has also invested substantially in blockchain technology to offer its clients the most advanced and effective advertising services.
Aside from that, MEmob+ now accepts cryptocurrency as payment. With this initiative, MEmob+ extends its hand to not only assist entrepreneurs, crypto investors, agencies, and brands but also decentralized apps (DAPPs), data oracles, blockchain firms, and crypto exchanges with this initiative.
Speaking of this, MEmob+ CEO, Ihab El Yaman said, “By backing blockchain technology, embracing it, and accepting cryptocurrencies as payments, we are saying that we believe in this long-term.”
MEmob+ is clearly passionate about making change and encouraging those who believe in the ability of cryptocurrency to transform the world. Becoming the first tech company in the MENA region to integrate blockchain technology into its operations, MEmob+ is presently well positioned to enhance digital marketing activations & performance and has strict control over data flow and GDPR adherence.
Blockchain is the future of the internet. Talking about this, Ihab El Yaman said, “I believe, Blockchain, with all its implementations, mistakes, and corrections, will become available to every user with access. Blockchain technology and cryptocurrencies will surely evolve and power the new internet. As we've seen with the internet and its use cases over the last 14 years of innovation, this new technology - blockchain too will evolve, possibly over the next ten years. But I am positive that in the near future, hospitals, governments, and financial systems will embrace this technology and reap the benefits.”
“Blockchain integration empowers businesses to unlock endless opportunities to create a global digital footprint. It’s time that we all take active steps towards near future implementation. Also, it goes without saying that the rise of blockchain will eventually bring about a revolution and change the world as we see it now. The best is indeed yet to come,” he added.
