Blockchain Benefits Outside Cryptocurrency

By now, you have probably seen all the excitiment around using the Blockchain. There a several reasons the Blockchain is proving to be an exciting technology.

Trust, Transperancy, and Accountability

Establishing trust through transperancy is a critical feature of the Blockchain.

  • The Blockchain was designed for secure transfer of money across parties that do not trust each other.
  • The Blockchain operates without a central authrority.
  • The Blockchain establishes accountantability and trust through its architecture that establishes transperancy and traceability.

Distributed Ledger Technology

Decentralization enhances trust and security which is critical when there is no central authority.

  • The Blockchain is a ledger where data can be written but not changed.
  • Copies of the ledger are distributed across nodes on the network.
  • Having hundreds or thousands of copies of the data protects it because forging it would involve forging countless copies.
  • Consensus rules estabish whether a copy is valid.

Operates using Concensus

Concensus rules protect the Blockchain by estabishing rules that everyone enforces.

  • The Blockchain provides rules regarding how transactions are handled.
  • These rules are enforced through concensus.
  • Concensus allows the Blockchain to work without a central authority making the rules.
  • Concensus rules are built into the platform and execute automatically.

Asset Management Across Ownership

The Blockchain framework naturally manages the transfer of assets across by ownership.

  • Applies rules for transfer and validation of assets being transferred.
  • Establishes a framework for determining who has what and where something is.
  • Provides a standard communication platform amoung trading partners.

Provinence - Proof of Authenticity

The Blockchain provides proof of authenticity because of the technologies behind it.

  • The history of a product is established as it is created.
  • A products history is timestamped by its activity on the blockchain.
  • Past data or history cannot be forged since data must be added to the blockchain in order.
  • Documents and data can be verified by cryptographic signatures on the blockchain.

Single Source of Truth (Finality)

Establishing a common Blockchain network means Blockchain users can go to a single trusted location for the data they need.

  • Single location to get information related to assets and asset transfer.
  • Protected by DTL, Consensus, and Cryptography.
  • Data on the Blockchain can be used to validate documents and data off the network using signatures and hashes.

Trust, Transperancy, and Accountability

Product Safety

Provides a faster way to detect and contain outbreaks.

Proves Authenticity

Allows products to provide greater trust with consumers.

Proves Ingredient Sources

Allows product manufactures to verify the source of components or ingredients and ensures certification standards.

Proves Responsible Sourcing

Allows product manufacturers to prove their products are sourced responsibly.

Reduces Costs

Reduces costs by improving efficiency in the supply chain process.

Improves Communications

Replaces EDI for communications across the supply chain.