Love Blockchain, Hate Cryptocurrencies?

Nope. Blockchain is not Bitcoin. Bitcoin is not nefarious. Blockchain without value transfer(cryptocurrency) is just a glorified database+network merged into one.

Blockchain has opened up unseen-unthought possibilities in almost every industry. While solving certain key issues, they come with a plethora of opportunities for new revenue streams. And newer problems to solve, that you didn't have to worry about in the past. Built/thought to be on the tenets of immutability, provenance, consensus and finality, they provide newer operating models non-existent in the past.?I dont want to talk about what blockchains are, there are enough videos out there. I want to talk about why Cryptocurrencies are important in a blockchain based system.

Blockchain without cryptocurrencies is a mere shell environment to perform transactions - A costume to look like a blockchain, without the true powers that a superhero possesses. Never in past have we been able to merge value and service delivery into a single transaction. Think about the supply chain diagrams where inventory and value(money) used to be represented using arrows that went in opposite directions, as separate transactions, spread across time in different systems. And the whole bunch of functions and business that emerged due to this 'un-synchronized' transfer. This created the accounts department - to do Accounts receivables and accounts payable process, Finance teams - to do reconciliation of accounts, Sales teams - to track payables against deliveries, customer service - to find where the missing credit card transaction went, Software companies and Outsourcing companies. All to manage the processes that were an outcome of two individual arrows/tracks - Service transfer & Value transfer(money). Blockchain based payments using cryptocurrencies eliminate this whole bunch of hoops. Encoded via smart contracts, delivery of services(digital) can be synchronized within the same transaction with payment for the services! No more AR, AP, Reconciliation, etc. Poof!

“Wait, we were talking about supply chains, where physical goods move. Not digital” - Most organized businesses today use technology, be it in the form of goods receipt for physical goods, or an invoice for service delivery. These digital transactions are representative of real world activities, which can programmatically be merged with payments. Example: When you receive goods from Amazon from the delivery person and give him the OTP, a transaction confirms your receipt. A transfer?as part of the same transaction can be initiated to the seller who shipped you the goods, within the same second, with a % commission paid to Amazon for their fulfilment and other services. This is what blockchains can enable. This is impossible if we do not merge utilize cryptocurrencies as part of the blockchain.

Next: NFTs and tokens in Industry

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