The Best Blockchain Use-Case
We, as an industry, have been trying to get the best-fit use case of Blockchain. Although, is it a bit like having a hammer in hand and looking for a nail. Nonetheless, technology has useful features.
The two core features of the technology are the immutable and distributed. Which merely means that a single party and do not control it. Secondly, once written, no one can change it.
These two features lend itself to some of the real pressing issues across industries.
Fake products are a big issue in industries like pharma, high-end retail, exotic food, and art. Imagine buying a £5000 designer dress for your wife, only to find out that it is not from the designer it said it was. Wouldn’t it be nice to know the complete journey of the dress?
Manufacturers can take get the security that the suppliers are using the approved material quality and can reduce the product defects post-production and reduce their warranty costs.
The fact that there is no single owner of the chain has its advantages as well as disadvantages.
The best part is that everyone can trust the data on the chain as it everyone has a copy and can verify what other party says. And even if one party maliciously changes its copy, other parties will reject it.
However, the challenging bit is to get an agreement of the all the parties to participate. Many would not be willing to participate and see it as a threat. The loss, eventually, will be for the parties people who do not join, as organizations will stop trusting them leading to lesser business for them.
For example, if a caviar carrier from Norway does not want to join in the chain, then eventually, the restaurants serving the Caviar coming thru that route will move to someone else, because for them the authenticity is the prime objective.
The ultimate winner in this will be the consumer. He/she will start getting the real product that they pay for, track the origin of the product, and ensure that product sourced responsibly.
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