By Evan Shields
Back in 2018, when I was working as an Economic Development Intern for the City of Oakland, I attended a blockchain conference at the Port of Oakland. The Port, which is critical to both international trade and Oakland’s local economy, had experienced issues regarding efficiency. The system to get cargo off the boats and onto trucks was extremely slow, and the line of eighteen-wheelers waiting for cargo on the Port was practically stagnant.
Here’s where the idea of blockchain came into play. The Mayor of Oakland, Libby Schaaf, believed that blockchain could be used to expedite the shipping process at the Port. Because blockchain would allow each storage container to have its own unique and unchangeable identification number, Port workers would be able to use blockchain to know exactly what cargo is in each container with a simple check of an identification number. This process could theoretically speed up the time it takes to get a container off a ship, identified correctly, and put on the proper truck, improving the system by which cargo is transported at the Port.
Fast forward to 2020. The City of Oakland was never able to implement its blockchain dream. However, on March 1, Dubai International Finance Centre and Mashreq bank collaborated to create a new blockchain platform. This platform would allow verified individuals (or businesses) to open digital bank accounts that use blockchain identification. Because each account would have its own unique chain, these digital accounts could be verified instantaneously using the same theoretical blockchain model that was proposed for the Port of Oakland. This blockchain model would be used to increase efficiency when creating a new account while also better protecting individual data.
Blockchain is a complex subject that I have simplified for the purposes of this short piece, but the tech is often associated exclusively with cryptocurrencies. Because blockchain technology allows cryptocurrencies to exist, it is natural to assume blockchain’s natural function is to assist in crypto training. Nonetheless, the proposal by the City of Oakland regarding the Port, as well as the new blockchain platform in Dubai, demonstrates how blockchain can be used to increase efficiency and data security away from the crypto platform. I believe it is necessary to realize the other uses of blockchain due to the technology’s innate ability to secure and verify data instantly. If we limit blockchain technology to cryptocurrencies, we will be missing significant opportunities to increase efficiency and improve the functionality of the devices that affect our everyday lives.