Blockchain Update - December 2018
As I wrote in my June 28, 2018 Blog entitled “Blockchain Update – Commentary”, the speculation in cryptocurrencies bears no relationship to the vast potential of blockchain technology. As an explanation, blockchain technology might replace diverse business systems that require accuracy and security. Within the commercial realm, the possibilities are endless. As an example, the movement of a product, like lettuce, can be traced from its farm origin to a specific store shelf via the identification and tracking capabilities of supply chain management superimposed upon a blockchain structure. In another case, financial transaction security rules demand features like the unique identifiers and confirmations embedded in a blockchain based transaction system. Finally, the use of blockchain as a means of tracking intellectual property rights for music and other created items makes this technological development even more attractive, as described here.
Many other commercial transaction chains might be adapted to blockchain technology in the future and create cost savings via labor and information technology services, soon to be obsolete. Similar to the development trajectory for many innovations and technological advances, the costs of implementation continually fall as adoption increases, expertise grows, and applications become more efficient. By and large, applications will be attractive in those environments that require security and integrity. As an interesting development, Hackernoon reports on several partnerships comprised of credible, global enterprise members and this should remind the reader that blockchain technology is not going away.