How Does Blockchain Integrate With The Real World?
Businesses rely increasingly on computing systems to function. Some, such as supply chain logistics, are running at the limit of their data capacity. To handle more information than they currently do would require far more manual labour to collect and input data, making it no longer cost-effective. Still, businesses want a model where every stage of a product’s lifecycle is logged, from assembly, to shipping, to later resales.
Where Else Do Current Processes Fall Short?
The other issue with many different businesses and parties combining to complete one journey or sale is that the information they need to share is rarely transparent or readily available at each stage. This hampers communication and the exchange of real-time information. More poignantly, this information is even less available to customers, who often only find out about the status of their product when they actually receive it.
How Can Blockchain Improve This?
The distributed ledger opens up a whole new world of possibilities.
Firstly, there’s no onus on one particular business to update, store and secure all of the product data. The storage is shared across a number of nodes and is not easily tampered with.
That gives transparency to the process, too. Every state change is tracked, from origin through to the current moment, meaning contractors and customers alike can check on the progress and history of one particular item or order.
But doesn’t that data still need manual input?
No. Thanks to blockchain’s smart contracts. On meeting preset goals or targets, these can self-execute and store that transaction on the blockchain, making it available to everyone who needs access.
Use Cases
Businesses that rely on moving perishable products from factories to their customers can have a traceable ‘journey’ for each bottle of beer or similar item. It can be distinguished by more than just a ‘best by’ date stamped somewhere, with the whole story from which batch it was part of, down to how far it travelled to that bar or store — a big perk for consumers trying to make environmental choices.
Resold items, like cars, can benefit from the blockchain’s accuracy and transparency too. No more handwritten logbooks and service records. Just an instantly accessible record of every repair, where it was manufactured, and what each owner has done to it.
So Why Isn’t Everyone Already On Blockchain?
With any new technology, there’s some resistance, coupled with a fondness, familiarity and even nostalgia for the old ways of doing things. Even when they don’t work. Not every company has a strong computing resource to funnel into building and developing blockchain applications, at least not directly in-house.
That’s all beginning to change. Major software player SAP, who provide businesses with all kinds of programs and facilities to get their jobs done, has branched out into offering blockchain assistance and expansion. Not knowing how to start from scratch won’t be an issue, with existing pilots and programs letting businesses buy into the necessary expertise.
What Does This Mean for the Future?
As more companies move into the blockchain space, the more publishers and content creators will already be geared up for implementing MEDIA Protocol in order to share content and rewards. If they’re using blockchain to serve their customers, it also makes sense they’d use it to communicate and gather data from them in those improved ways as well.
People. Value. Content.
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