Bulls n Bears Entrepreneurship Zone :: What will blockchain do for you?

[Bulls n Bears]

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Imagine a world without middlemen. Where the parties in a financial
transaction could deal with each other directly, and trust was automatic,
even if they were total strangers. Where a complete, up-to-date and
tamper-proof record of transactions or other data could be shared and viewed
simultaneously by the parties concerned. 

This is the promise of blockchain, which seems set not only to
revolutionise business but to transform lives. It could mean, for example, a
fairer deal for the one sixth of the world’s population who have no
documented proof that they even exist. Or better protection from counterfeit
drugs estimated to be killing a million people each year.


But why should blockchain matter to you and your industry?


We can’t be sure of its future, although I do know it’s rapidly making its
way into my sector – logistics – and may even become mainstream within the
next 10 years. If we play it right, blockchain could have a hugely positive
impact on supply chains – and to take full advantage of its opportunities we
must prepare for it now.


Is blockchain reality or wishful thinking?


Blockchain is perhaps best known as the technology that allows
cryptocurrency to be transferred safely between users with no need for
verification by a third party, such as a bank. The same basic principles can
be adapted to handling any data with an intrinsic value, including
contracts, legal documents, intellectual property and personal details.

Here are just a few examples illustrating that scope and showing how
blockchain is already making a difference:

*         The UN-affiliated organisation ID2020 aims to give around a
billion ‘invisible’ individuals a digital ID, which will improve their
chances of accessing support and benefiting fully from society

*         The Estonian government offers ‘e-resident’ digital identity,
along with a system that securely manages health records and other data –
making them visible only to the individual citizen and those to whom he or
she gives access

*         DHL and Accenture have developed a pharmaceutical track-and-trace
prototype to simulate verification of a transported item’s identity at each
stage in the supply chain, so the end user can be totally confident of its
origin and authenticity.

Another organisation with an interest in blockchain’s potential is
aerospace giant Airbus. Its research has highlighted several business
challenges which blockchain can help to answer. For instance, with air
traffic predicted to double over the next 20 years, and a need to train
around half a million new pilots, will the current time-consuming process
for checking pilot qualifications and experience be able to cope? Airbus has
trialed a blockchain system which – if adopted universally – could give
authorised users from all airlines the same instant access to verified data
on any pilot.

In the retail sector, a key driver has been the need to increase supply
chain transparency, and especially to assure customers that goods have been
ethically and sustainably sourced. Global startup Everledger specialises in
using blockchain and other technologies to confirm the provenance of such
valuable assets as precious stones, wines and artworks. Even a diamond can
be inscribed – by laser – with a unique certificate number which links it to
a digital record containing comprehensive details of its identifying
features.


Can you see beyond the hype?


Some people are getting carried away by the excitement and hype surrounding
blockchain. If you believe the news, there is nothing it can’t do, but I
think we should be realistic as well as imaginative in our approach.
Blockchain technology is still relatively young and many aspects of its
concept and application will have to be considered, tried, tested and
improved before it expands further into the business world.

Bear in mind that blockchain brings challenges as well as solutions – and
some of them are currently very far from being overcome.

For example, how can we achieve a tamper-proof link between a physical
object and its digital identifier? This is a key issue for logistics, where
it ultimately means a break in the chain. Aside from such practical issues,
making use of blockchain technology will also require a significant cultural
shift. For instance, businesses will have to override their instinct to keep
all data strictly within their own walls, and instead be prepared to share
it – albeit securely – within a network. And what will become of our
relationships with the banks and other institutions on which transactions
have depended until now? While there is a threat of disintermediation, it is
likely that these institutions will still be necessary, although their roles
and business models will need to be redefined.


Are you ready for the revolution?


To succeed in this new world, logistics and supply chain businesses need to
be working today to create a culture of collaboration. As well as building
up your own blockchain knowledge and capabilities, you should be engaging
with your partners and stakeholders.

Make sure that they, too, know how to identify opportunities across their
operating models for gaining value through blockchain. Empower them with the
time, tools and resources that will help them become effective contributors
to a blockchain project. Think of the business landscape as a complete
ecosystem, in which your interactions with blockchain consortiums,
technology players, implementation partners and associations will affect
everyone’s results – including your own.

DHL and Accenture will soon be jointly publishing an important trend report
on blockchain in logistics. It will help you separate the facts from the
hype and explore how blockchain can unlock hidden value in logistics. Stay
tuned for more updates.—Howwemadeitinafrica 


<https://www.howwemadeitinafrica.com/what-will-blockchain-do-for-you/61556/b
lockchain-dhl/> 

Invest Wisely!

Bulls n Bears 

 

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