Blockchain technology is underpinning how businesses operate. It is becoming one of the go-to methods of funding start-ups and making supply chains more efficient. As technology becomes more widespread, it is fair to say that over the next five to ten years more and more industries will at least in part run on blockchain technology.
With this in mind, let’s take a closer look at blockchain and how it facilitates better and more efficient business to be conducted. Let’s discover why business buy bitcoin cash on a regular basis.
Supply Chains and Blockchain
Supply chains, especially ones that span the globe, are fraught with transparency problems. They are often large-scale operations with components traveling between countries. Sometimes one component can travel to and from two or three countries several times before it is ready to go into the assembly line.
Tracking food product ingredients to the source is also an area where supply chains can be hard to track. All of this makes verification of quality, costs, and country of origin hard to trace. It makes it very difficult to track down suspected wrongdoing.
Blockchain solves a lot of these problems. As all of the transaction information is encoded in the block and verified across multiple nodes. The transaction information can easily include the origin of manufacture information, shelf life of a product, work and service history, everything needed for full transparency.
It can also facilitate faster processing, especially if custom clearance is needed. All the proforma information can be encoded into the block, allowing for goods to be cleared while traveling from one jurisdiction to another.
With its enhanced traceability, it becomes very easy to remain compliant and better manage supply chains.
Blockchain is being utilized in ‘Just in Time’ delivery systems. Some describe blockchain as a game-changer in supply chain management.
Start-up Funding
Although start-up funding still requires a
Arguably, blockchain finance is a safer and more efficient way of investing in new ventures. In many ways, it is a win-win scenario for both the new start-up team and the backer. Increasingly, if a new venture receives blockchain funding, bigger backers tend to take notice and invest too, especially true in the tech industries.
This has led to blockchain business investment services to emerge. Blockchain is not only providing funding to business but generating business as well.
Blockchain Freedom>
Currently, blockchain is not regulated by an all-seeing and all-knowing banking industry and in many ways is jurisdiction free. Instead, it is regulated by a series of networked computers that comprise the blockchain network. This acts to both validate the transaction and prevents corruption.
Given the speed and transparency of blockchain, and big players such as Walmart adopting it, it is hard to see how the technology will not grow and prosper.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.
Blockchain has it’s uses, but many of the use cases here are use cases that may not be ideal for blockchain, at least if using WEF Blockchain Value Framework – https://www.weforum.org/reports/building-value-with-blockchain-technology-how-to-evaluate-blockchains-benefits.
How is that relevant to whether it is regulated by banks?
I understand wanting to make money from a blog. But accepting pro “bitcoin cash” posts is borderline scammery.
It isn’t blockchain technology making brains leakout but the blockchain marketing.
how blockhead-chain technology is making people’s brains leakout onto the floor…
There’s no reason you couldn’t maintain the same legal responsibilities. The blockchain would then be the log you’re required to keep. It just adds cryptographic assurance that your log is accurate.
Show me a linked list in which you can prove when each node was created, and that it hasn’t been altered since then.
Also no one has a responsibilty to keep their store of info. Lloyds of London keeps its logs, so you can trace where a ship was in the world over a century ago. What happens to regulation if every blockchain holder decides to only keep a couple of decades of logs?
Now a place where blockchain MAYBE might be applicable is distributed payment schemes for wifi sharing in a semi-federated system. There are certain telecomms people who see the 5G writing on the wall, and how basically no carrier has the capital tables to sustain a 5G rollout. The alternative is massive wifi sharing, in the veins of Fon and ISP modem mounted wifi AP’s, but that’s not that open. Perhaps people should be paying attention to the fact that some wifi sharing startup basically just patented a blockchain payment backed federated wifi AP system.
https://patents.google.com/patent/US10430390
There is also some interesting work in alternative rpoofs like proof-of-space, and proof-of-time. Proof-of-time is sorta being demonstrated with VDF’s with Chia Net, which was started by Bram Cohen of BitTorrent protocol fame (ostensibly as a green cryptosystem to reduce computational energy expenditure…)
I think the flowchart in the following NIST technology overview tells it rather succinctly why blockchains suck…
https://www.nist.gov/publications/blockchain-technology-overview
You can say the same thing for just about any data structure. Just about anything you can do with blockchain, you can probably do better using something else. Blockchain is a solution desperately seeking a problem for a long term relationship.