Forget Bitcoin! Here’s why Blockchain is so relevant


May 12, 2018 by Shinetist


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BTCWires– Next wave is Blockchain in Supply Chain Management: The technology’s distributed nature also means there is no central authority, so no one group controls that data. So, are you in? Following are a few simple steps to move your company toward incorporating blockchain into your own operations: 1. Don’t adopt blockchain because it’s the

BTCWiresNext wave is Blockchain in Supply Chain Management:

The technology’s distributed nature also means there is no central authority, so no one group controls that data.

So, are you in?

Following are a few simple steps to move your company toward incorporating blockchain into your own operations:

1. Don’t adopt blockchain because it’s the cool new thing but because it ensures trust.

But that’s never a good business reason.  Trust is ultimately about proof.

Or are you actually trying to prove just a fraction of that?

  • Vitalik Buterin, founder of Ethereum, a popular cryptocurrency and alternative to bitcoin, has discussed in an online video how the peak capacity for Bitcoin is five transactions per second.  
  • The blockchain future is arriving. Will you be ready?
    There are expectations that you  will see your competitors in coming year which will be offering a Blockchain  solution.

According to Google Trends, South Africa has more Google searches for Bitcoin than any other country. Clearly, Saffers want to know more about the cryptocurrency and its uses. South African interest is probably driven by two main factors: a desire to find a safe and efficient way to move money offshore and an interest in the possibility of a successful Bitcoin investment bet. But according to many of those in the know, Bitcoin is yesterday’s news – what is really important for our economic futures is the tech underlying Bitcoin: blockchain. Blockchain has a staggering range of possible applications that have the potential to make our economy function faster, smoother, more reliably, and with greater trust and accuracy. If you can get beyond the crypto hype, in other words, there is a genuinely exciting thing happening here.

New ways used for

  1. mapping cargo on shipping vessel,
  2. transferring real estates,
  3. guarantee the safe food  that we eat and more.
  4. mapping the origins of conflict materials,

 

What is Blockchain?

It is a database or ledger which is secure and spread across the multiple computers.

Blockchain has the power to transform all these industries for three reasons.

  • First, it’s genuinely well-suited to transactions that require trust and a permanent record.
  • Second, typically blockchain technology requires many different parties to  co-operate together. When it is implemented as open source software then it does not solve the collective action program. Individuals are prevented by the disincentives from using that can benefit them collectively. This occurs when any single company tries to push and benefit from a new standard.
  • The third reason is that hype I mentioned. It is attracting developers with its current excitement around crypto currency and also it encourages adoption.

 

Companies that have taken an “If it ain’t broke, don’t fix it” attitude toward back-office processes and logistics IT might be ready to spend big on updating those systems when they hear the buzzword “blockchain.”

While detractors argued that the cloud was just “someone else’s computer,” it gave many industries new business processes, new ways to charge for services, disruptive start-ups and new divisions within existing companies and an ecosystem of supporting technologies. Blockchain has the same potential.

Blockchain All the Things


Take logistics.

While these projects are still a fraction of the overall tracking that goes on at these giants, they are expanding rapidly both within the organizations and across their industries. .

It’s adding about 100,000 diamonds a month, says Leanne Kemp, chief executive and founder.

Everledger is able to trace the journey of a stone from when it’s pulled from the earth to the day it’s purchased by a consumer.

 

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