As innovative as Apple was under Tim Cook, one area of modern technology remained out of reach for the company: blockchain. Long relegated to the fringes of mainstream tech products, the category has often operated in a league of its own.
But if recent consumer behaviour is anything to go by, that is starting to change. More and more people are exploring blockchain—not just for investment opportunities, but as a practical tool for cross-border payments and even receiving salaries.
With John Ternus’ rise to the helm of the storied American tech giant, much of the industry conversation has focused on opportunities in AI. But a more unexpected frontier—one that could prove just as consequential and also innovative—is blockchain technology.
First of all, this is something he might be able to achieve in an innovative way. Coming from a strong hardware background within the company, Ternus has worked on “some of Apple’s most consequential hardware bets in recent years, including the teams behind the iPhone, iPad, Mac, Apple Watch and AirPods.”
This makes him uniquely positioned to produce the kind of products that the blockchain industry has long clamoured for, which could also be just as game-changing as the iPhone was many years ago.
Louis Eriakha
But more than that, the conversation around AI seems to present it as a single product that could be innovative, the smarter it gets. But in reality, artificial intelligence is not a single product and can’t function as a single product, but rather as a tool to achieve multiple ends. This is why the focus on AI research might not be a great bet for Apple, as a company that is not traditionally an AI research company at this time.
The capabilities of AI have not been fully realised, and any huge focus on it would lead to significant investments in research first before concrete developments of consumer products can take place. The timeline might be nearby, but it also could be further than experts suggest.
Blockchain, on the other hand, has a stronger framework to work with. Years of research and discussion within the industry have provided clearer paths for builders like Ternus to explore. All that remains is a game-changing product that will excite customers.
Ternus is also stepping into the CEO role at a time when Apple is facing new pressure to be innovative. With many players in the space offering premium features at more accessible prices, innovation that excites the public has been tough.
But at a time when people are looking for more decentralised experiences, less controlled by the government and big tech, blockchain has presented itself as a sanctuary for many people. Transacting with crypto and tokenised assets, for one, has been growing more popular, largely because it can be cheaper and faster. But beyond that, many flock to it because of the ability to move their funds away from prying eyes.
For a company that has long prided itself on protecting consumers' private data, focusing on the opportunities of blockchain will further reaffirm that for many users. A new generation of Apple products that offer users protection on a decentralised platform like blockchain could reinvigorate customers as research in AI continues.
Imagine an iPhone that acts as a secure digital wallet, not just for money, but for identity and ownership. Imagine an Apple Watch that confirms transactions instantly. Imagine a Mac that allows deeper interaction with decentralised apps.
These ideas are not far away. They are natural extensions of what Apple already does.
Above everything that blockchain offers, crypto has been the most popular entry point for many adopters. Scepticism of crypto has declined over the years, but it has not completely vanished. Many leaders are still sceptical of crypto, largely because they do not understand how it works. This is why policy has been slow, further distancing the technology from the mainstream. The arrival of Apple in the space could be game-changing. It could accelerate the adoption of crypto and allay the fears of many world leaders.
Apple has a history of entering markets late but doing it better. It did not invent smartphones or music players, but it made them mainstream. Blockchain adoption could follow the same pattern.
Blockchain fits into that story because it is still early. It is still messy. And it still needs a company that can turn complexity into something people actually use.
Jeminipe Fasheun-Motesho
