Did you know? Block chain was found by group of researchers in 1991 to timestamp digital documents so that it would not be possible to temper with them.
Quite an irony for the technology which would dictate future digital supply chain!
While in fact, blockchain is a distributed database that maintains a continuously growing list of data records.
These data records are hardened against tampering and revision, even by operators of the data store’s nodes.
Since it is a chain of constantly growing blocks, the new blocks added along as the previous ones are still maintaining a chronological order to their linear sequence.
Let’s move towards the application part of this technology and the reason behind its success.
Blockchain technology does not have any transaction cost! Yes, of course, you heard me right.
Blockchain may have an infrastructure cost but that is only temporary but what’s permanent is the regular free of cost transactions.
Imagine an airline company. You buy tickets for the flight via app or web.
The credit card company carrying out the transaction cuts out a fair share of money for the transaction as fees.
If you replace your normal app or online booking to the blockchain then you can not only save your money on credit card fees but shift your entire ticketing process to the blockchain.
Why is it good to shift it to blockchain? Because the process is free, unnecessary fees involved in the transaction are removed.
Moreover, to add cherry to the pie, every blockchain can transfer and still store money just like any other credit card but for free.
In any business company, the main prospect of achieving its goal forces the company to be efficient and competitive.
Now, when the technology is dictating our markets and products, the competitive edge of blockchain over previous mechanisms could cease to exist.
Without giving blockchain benefit of doubt let’s look at some real-life examples of its revolution.
Walmart was among few of the companies to witness the effect of blockchain in the business.
At first, it reduced the time required to trace the origin of their products and their suppliers decrease by from seven days to just 2.2 seconds.
Similarly, Blockchain has saved lives of people from world’s most hazardous food safety scandals, a decade ago.
Due to the result of contaminated milk source over 300,000 people were severely affected both physically and mentally with six babies perishing from kidney stones and internal organ damage.
Blockchain came to the rescue by tracing the origins of over 25 products from five different suppliers.
IBM is the largest company in the world embracing blockchain.
It has invested over $200 million in research and development of blockchain.
More importantly, IBM has created new identity in tech business by integrating hyper ledgers and the IBM cloud into their systems through blockchain.
It is certainly a new jump for a company which ran out of business.
Now, it is also working with several different industries to help improve food safety with the help of blockchain technology.
Only last year, IBM has announced partnership with Walmart to track leafy green vegetables from farm to shelf.
Quite a turnover for both companies when it comes to blockchain and its competitive edge.
Who has not heard of Virtual Reality (VR) in this era of technological boom?
It’s like living a dream and having an interactive experience like you have never imagined.
When blockchain was added into the company High Fidelity for developing virtual environments, it completely revolutionized the experience.
Now, the VR could hold up to 100 users with additional option of buying avatars and attending events like a live DJ set.
Intellectual property and their protection have been major issue of discussion and debate since the start of the internet itself.
In retrospect, Copyright infringement and lawsuits were a thing long before the internet though.
Mycelia has addressed this burning issue using blockchain to create a peer-to-peer music distribution system.
Furthermore, cryptocurrencies can be used to issue payments. What does this do for the artists though?
This helps to create a direct link between artists and customers for payment without referring to any music labels and distribution companies.
Moreover, new emerging artists can also get new opportunities as there are no expensive labels involved and only pure creation and music.
Blockchain has revolutionized the new and old business companies into more efficient and modern eco-system.
Cryptocurrencies such as bitcoins are slowly replacing online transaction for far more secure and precise system of business.
Surely and certainly, their implications have changed for more innovative and recreational reasons.
A product of random research which was left with no hope, found a way to revolutionize the business to next level.
That’s why they say, “Never lose hope, who knows hope might be waiting for your next move?”