How Blockchain Is Quietly Transforming Business

Dr. Mark Drapeau is a Partner at the RXN Group and Editor In Chief of the Data Catalyst Institute.

The conversation around blockchain often gets muddled with cryptocurrency speculation, but I’ve noticed something more profound is happening in American business. As chief research officer for my organization, I’m frequently asked to research, analyze and write about the digital economy and new disruptive technologies, such as AI and blockchain. And I’ve observed a quiet revolution in how companies track, trade and verify most anything you can think of.

Consider this: Walmart used blockchain to trace mangos from farm to shelf in seconds instead of days, and now applies that approach across many different food items. Food giants like Nestlé, Tyson Foods and Kroger have also embraced blockchain solutions, transforming food safety in America right under our noses.

In other sectors, diamond company De Beers uses blockchain to track diamonds from their source to the store, ensuring their authenticity and ethical sourcing, while fashion industry leaders such as LVMH and Prada Group use blockchain technology to verify the authenticity and provenance of high-value items, preventing counterfeiting and ensuring consumer trust.

How Blockchain Helps Businesses

Blockchain technology is essentially a secure digital ledger that creates an unchangeable record of transactions across a network. Think of it as a digital notary that everyone in a business network can trust, eliminating the need for multiple intermediaries and reconciliations.

For businesses, this can translate into three immediate benefits beyond data security: reduced costs, increased speed and enhanced transparency.

Uses Across Industries

Take cross-border payments, traditionally a headache for small and medium-sized businesses (SMBs). Where international transfers once required multiple banks and days (even weeks) to complete, blockchain-based solutions can settle transactions nearly instantly at a fraction of the cost.

In supply chain management, smaller companies are discovering blockchain’s power to combat fraud and ensure product authenticity. Raw Seafoods, a Massachusetts-based business, partnered with IBM to use blockchain to track fish from boat to plate, reducing fraud in an industry where mislabeling has been rampant. Avaneer Health, launched in 2021 by healthcare giants including Cleveland Clinic, Anthem and Aetna, is using blockchain to streamline the sharing of healthcare information.

The real estate sector is being transformed too. RealT of Boca Raton, Florida, is using blockchain to enable fractional property ownership, democratizing access to real estate investment.

What’s particularly striking is how blockchain is bridging gaps in traditional business infrastructure. Smaller banks and credit unions, which historically struggled to compete with larger institutions in international services, can now offer sophisticated cross-border solutions through blockchain-based platforms. Rural businesses, underserved by traditional “Tier 1” bank infrastructure, can access the same quality of services as their urban counterparts.

Taking Advantage Of Blockchain’s Potential

Blockchain’s potential is massive. According to Precedence Research, the global blockchain technology market is projected to grow from nearly $27 billion in 2024 to approximately $1.9 trillion by 2034—that’s a whopping 70 times larger just 10 years from now.

One challenge with blockchain is misunderstanding the technology. People ask: Is it the same as crypto or tokens? Is it legal? Is it criminal in the U.S.? (No, yes, no.) A second challenge, beyond the scope of this piece is, where do I get started with technical aspects of actually implementing solutions?

Like anything else, such as e-commerce sites or social media marketing, there are experts available to hire or consult. There are also industry consortia where companies share information and resources regarding the blockchain. And finally, there are informational resources available online.

I think the question for business leaders isn’t whether to engage with blockchain technology, but how and when.

Start by identifying pain points in your operations where verification, tracking or intermediaries create friction. Look for areas where trust and transparency are crucial but costly to maintain. Proceed strategically and consider partnering with established providers who understand both blockchain technology and your industry’s requirements. Focus on specific business problems rather than adopting blockchain for its own sake.

Even NASA is considering blockchain beyond Earth, to boost protection for inter-satellite communication. Innovation knows no bounds.

Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?