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Cryptocurrencies like bitcoins have been hit hard over the past few months, but that does not mean investors have to wipe out the underlying blockchain technology that has subscribed to them.
"Cryptocurrency is one of the applications of blockchain technology, but there are a number of other ways to use this technology that could be able to abstract pieces of cryptocurrency or maybe not to use cryptocurrency at all", Case Kuhlman, CEO of the blockchain and contract software company Monax told TheStreet.
He cited the use cases for banks, supply chain companies and even legal companies that use the underlying technology to optimize the services they provide.
The most famous, Walmart (WMT) who employed the blockchain for its green leaf monitoring and reduced the time of discovery of contaminants in its supply of romaine lettuce from about a week to only two and a half seconds.
"Many companies are starting to look at this potential [in blockchain] and it has nothing to do with cryptocurrencies, "he said at an interview with Kevin Werbach, a professor of business ethics and law firms at the Wharton School of Business at the University of Pennsylvania," they are solving a true business problem ".
The space has only attracted more attention as it has just been broken that Facebook (FB) is building its own dedicated blockchain division to apply to its business problems.
"It's another data point for big business uses of technology," said Kuhlman.
So with some of the biggest companies in America like Facebook and Walmart who immerse themselves in blockchain for their various needs, how big can it be blockchain? Is it the next cloud?
Perhaps, according to Kuhlman.
"What cloud platforms like Salesforce (CRM) and others have traditionally done is separate the software installation on a particular computer with the ability to interact with that software, which was a fundamental change for device mobility and a whole host of other things, "he explained. "What blockchains do, they sit behind an application and allow us to divorce a single data set or system operator with that data set or system, so in other words, now a group of companies, or an ecosystem can collaboratively manage a system. "
With such a tangible use case and an elevated comparison, Kuhlman suggested that a "Cambrian explosion" would arrive for space in 2019.
To learn more about what to expect from the explosion of use cases, check the interview above.
