3 WAYS BLOCKCHAIN CAN HELP YOU & YOUR BUSINESS

Once upon a time, public ledgers were owned by designated intermediaries and trusted by the public. Today, intermediary industries are being disrupted by a publicly preferred technology that offers verification, security and is infinitely permanent – BLOCKCHAIN.

In 2008, the Sub-Prime Meltdown in the United States led to mass mistrust of the Financial Services and Public sectors. Lack of investor and the general population’s confidence smashed the gate open for the inception of ‘Bit-Coin’. This new age crypto-currency was built on the foundation of cryptographic blocks that created a chain of time and events, and… Voila - Blockchain was born! Blockchain is an increasingly adopted technology that digitizes and democratizes pubic ledgers. 

Blockchain technology works effectively as it alleviates our need for trust in an intermediary; therefore, no more middle man is required as ledger ownership is replaced by a network. Each computer connected to the network (node) gets a time-stamped copy of any changes made to the ledger making it trusted and protected. Let's take a look at examples of how Blockchain can help you and your business!

YOUR PERSONAL & YOUR CUSTOMERS' HEALTH:

I recently observed a Blockchain presentation on TEDx hosted by Mark Etwaru, and a specific example he presented resonated with me. We, as consumers of goods, are programmed to have blind trust in many companies and brands. Health is our most important self-priority, yet we rely on food providers to provide what we want when purchasing products from grocery stores. 

One thing I have learned with age – you cannot blindly trust any company that is making profit without doing your diligence.

In Mark’s presentation, he mentions his allergy to non-organic tangerines. Similarly, I am prone to allergic reactions with certain fruits that collect pesticide residue; therefore, I prefer to shop for organic (no synthetic pesticides) fruit for the betterment of my health. BUT – can I trust producers of organic fruits and vegetables? Can I trust the grocery stores’ procurement and supply chain operations? 

If Blockchain technologies were introduced in this organic produce scenario, a QR Code could replace the ‘organic-verified’ sticker on your food. If you were to scan this QR Code on your phone, you would instantly be able to verify through a trusted series of timestamps on a digital ledger where this food came from…what additives/chemicals (if any) were used in production…how it was shipped…and when it will expire. 

Imagine a world with no warning labels such as “may contain nuts” or other ingredients, because quality control and data would be available at any point of the supply chain. Less risk, more trust…could save your company from a lawsuit or damage to the brand. AND - for those reading, it could save our lives!

YOUR & YOUR CUSTOMERS' EXPERIENCE:

A few years ago, as I was building my trust and confidence with online shopping, I decided to purchase a new laptop from an online storefront. After heavy anticipation and two weeks later, I contacted customer service. The classic ‘it was delivered, but not received by customer’ story ensued. After they conducted an internal review, there were further steps to take. I was upset - the torture and agony of the resulting tedious process to come to resolution was something I would not forget (in fact, I am writing about it!). I have not returned to purchase anything from that company again.

Today, Blockchain would be able to protect consumers like me. Walmart (in fact also a large SAP Ariba customer) values supply chain management as their online business continues to grow. They have taken huge steps to innovate with blockchain technology for delivery operations to help consumers stay safe and protected. Businesses can build stronger supply chain visibility and deliver customer satisfaction and reducing negative outcomes for their brand.

YOUR PERSONAL AND BUSINESS INVESTMENTS & CONTRACTS:

Another personally painful process of the past was purchasing an investment property. There were legal processes that took an extended amount of time complete. Some of the issues were waiting on intermediaries for mortgage completion, land registry, legal documents, statements of adjustments, etc.

Blockchain is one of the components that can help with Smart Contracting. Smart Contracts use future technology to create efficient contracts with updated insight and data to ensure speed, less dependency, compliance and lowered risk. Companies like SAP Ariba have adopted intelligent technologies and are working heavily on enhancements for businesses’ contract management requirements by embedding SAP Leonardo analytics.

Using a set of digital protocols, commands can be set in the contract to self-execute when certain conditions are met. Smart Contracting utilizing Blockchain technology can provide benefits such as reduced legal fees, quicker process times, faster business updates, elimination of human errors, reduced potential fraud risks and more!

If you are an intermediary, Blockchain is coming for you…stay ahead with technology!