Blockchain : Removing blocks & disrupting industries

While Bitcoin and other cryptocurrencies are disregarded as the latest fad, a shamble or fraud, their underlying building “block” or blockchain is certainly genuine and is swiftly taking over industries by disrupting the archaic methodologies. Though it is identified primarily for being the technology behind Bitcoin ,blockchain is steadily emerging as a technology of choice when it comes to include the elements of transparency and traceability in a process.The transformative power of blockchain has been identified by finance and healthcare industries.

Supply Chain experts are exploring the integration of blockchain in the industry for removing the third parties, automating the process, enhanced transparency and elimination of manual manipulation of contractual terms by enabling smart contract based efficient transactions.
As per Morgan Stanley if blockchain is successfully implemented in supply chain system, it has the potential to grab a lion’s share of about $500 billion in the freight transportation market.American Multinational Retail giant Walmart has successfully integrated blockchain in its supply chain.

Blockchain is also embarking on transforming the rehabilitation process. Natural calamity marred nation of Puerto Rico is on the verge of creating a market for solar electricity using blockchain and cryptocurrencies. The idea is to tokenize the system and reward the producers and fortify the digital infrastructure and revive the physical infrastructure of Puerto Rico. Countries like Sweden and Honduras are implementing blockchain based land registry solutions to remove fraud in the real estate ecosystem.

In the era of pseudo digital identities blockchain-based identity service would allow users to create tamper-proof digital identities for themselves. Microsoft had announced to work on blockchain based secure identity system to independently verify people’s identities to tackle the problem of human trafficking. Nations that battle issues of ivory poaching and blood diamonds are keen on implementing blockchain technology to ascertain and digitally ownership.

Similarly music industry is using blockchain to launch their songs and enable users to directly download music. One such example is “Mycelia” , the blockchain based platform of Grammy winner songwriter and singer Imogen Heap. Video industry is no exception and decentralized Pay-As-You-Go service apps like Streamium who allow live streaming of videos and paying at a per minute basis are quite popular.

Don Tapscott in his book “Blockchain Revolution states ”Blockchain is a vast, global distributed ledger or database running on millions of devices and open to anyone, where not just information but anything of value — money, but also titles, deeds, identities, even votes — can be moved, stored and managed securely and privately. Trust is established through mass collaboration and clever code rather than by powerful intermediaries like governments and banks.”

I agree with Dan Tapscott, indeed the second generation of digital revolution would add more value to existing processes and would act as “Internet of Value”. It has the potential to reshape business world for better.