SIZ Education | How can businesses grow using Blockchain technology?

@cryptokraze

Blockchain technology is another big technology trend at the moment. It was developed as the foundation for Bitcoin, the cryptocurrency, but now it has gone far beyond that has real implications for businesses.

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For example, it allows us to store and trace records across supply chains. It helps us to have smart contracts, to have much better control of government information.

What is blockchain?

It is a file storage system, but instead of storing this on one computer, we store this on many different computers, and a really high level of cryptology is protecting us.

BlockChain Uses

So we now have a system that keeps our records very safe. They're distributed in lots of different places, and you can't simply change them in one location, which makes it much less unsafe to attacks and fraud than existing systems, and this is going to change lots of different things.

Suppose you think about the implications of blockchain for things like health records. For example, if you could store this in a blockchain and give any doctor access to this information securely, things like passport information.

They have this ability to have smart contracts that basically executes automatically once things have happened. So companies like Walmart and De Beers are already doing this in their supply chains to track DBAs cases where diamonds have come from.

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So they will photograph the diamond, create this information on the blockchain, then can be traced to make sure these diamonds come from good sources. So the implications are vast, we just need to adapt according to the latest technological trends.

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