Blockchain and Bitcoin have the power to disrupt our economies and financial systems in a big way — and that’s a good thing, says Koleya Karringten.

Opportunities within the blockchain and cryptocurrency industries have skyrocketed over the past decade, and with these opportunities comes the potential to transform almost every industry imaginable. 

Take the supply chain, for example. Through the application of blockchain technology, data can be consolidated and easily verified, enhancing transparency and increasing consumer confidence. The ripple effects of this are far-reaching. In the case of a food recall, companies could reduce the time it takes to pinpoint the contamination source down to just seconds, saving millions and protecting human health and safety in the process. 

Imagine the improved health outcomes we would see if citizens’ health records were stored through blockchain rather than being held in silos preventing all of our health care providers from accessing the full picture. Health care costs would be reduced, patient outcomes would drastically improve, and individuals would be empowered with more knowledge about their own health data. 

Empowering people and giving them more choices is at the heart of blockchain and crypto. For too long, governments have believed that the more money they inject into the economy, the more people will spend, and the more that will stimulate economic growth. But this ultimately has a negative effect because it means more money is chasing fewer and fewer goods, pushing the costs of those goods up. Inflation makes purchasing power smaller. Spending $100 at the grocery store today gives you just a fraction of what it would have a decade ago. 

Bitcoin, though, is the soundest money the world has ever seen. It’s the only money in the world that has known scarcity, with only 21 million in existence. They can be broken down into fractionalized assets, but can’t grow in total number, which means it can’t be inflated, and can’t be spent twice. It’s a completely decentralized currency, existing on a network that can’t be corrupted. Its widespread use will put power back in the hands of people, who will no longer be at the mercy of inflation.

To get there we need to ensure governments, companies, organizations and everyday citizens have access to reliable information that cuts through the noise to demonstrate the possibilities that these industries can create — and the realities that already exist. That’s why one of the Canadian Blockchain Consortium’s key objectives is to share this knowledge through webinars, research papers and conferences, helping organizations see how they can adopt blockchain technologies to improve their revenues and streamline processes.

If Canada wants to ensure it is a competitive force in the economy of the future, we need to support and develop these crucial technologies. Harnessing the power of blockchain and cryptocurrency can ensure the stability and longevity of our economies, set organizations up for success in the technology-enabled future and give more purchasing power and flexibility to people everywhere. 

Koleya Karringten is a driving force in Canada’s blockchain industry, serving as Executive Director of the Canadian Blockchain Consortium. She is also CEO of Absolute Combustion International.