Blockchain - The Good Demon
By Kiran Kulkarni on ALTCOIN MAGAZINE
Blockchain is a much needed villain in the world of credit card issuing, interest calculating, logic-less credit limits and conspiracy led loan decisions. Top seeds are scared of BC because of the clarity and stability it brings. What needs to be noticed here is, these bad decisions resulted in recessions, bankruptcy and even death is some cases. However, all of this is neither talked about nor sorted as dust sits over the root cause. Digest the fact that BC can solve something as critical as this. Essentially, is this not what is expected from technologies and innovations around it? Is it not necessary that human life forms move towards betterment?
Bitcoin/Etherium/Crypto is just one such try, and things are just beginning. There are many more things that BC can sort out and quickly. There have been some interesting applications of BC already, ranging from insurance verification, SCM applications, Social network verification and some out-of-the-box payment systems as well. BC brings in credibility in transactions which has been missing in many of the industries. A strong research is being made right now to use BC for tax collections and tax distribution systems.
So, Lets look at an example to get better visibility. Assume a clothing brand like Levi’s Or ITC, the process of producing jeans starts from farmers and ending up being packaged goods in the factory. How BC could be applied here you ask?
Answer: Tagging produced cotton and create the chain which then follows the produce through various processes of procurement, Quality checks, Logistics etc, to the point where sale is made. Crypto-blocks store pretty much all transaction that have taken place in the process. Now to understand how one could make use of this data.
- The brand could get some kick-ass statistics such as cost of procurement, quality of raw materials, middle men involved, Grey market sales, Region wise raw material analysis, region wise margin models etc.
- Customer could validate the quality of purchase e.g. If I am told its an All-American Jeans and if the jeans is sourced from China, I would be able to track this, Since BC is mostly open-sourced. Now this is both boon and bane.
- Resellers, Vendors and Farmers could understand where they stand on the quality front, sales front, customer base, purchase patterns etc.
Supply chain may not be the only application for BC, but certainly an easy one. There are enough and more processes in the world which needs some validation and trustworthy roots.
Lets look at an example from Travel industry, Reducing the fraudulent, commission agents and 3rd party bookings will sort out a very eye-catching industry known for many wrong reasons.
- Assume you would want to travel the world and would want to make reservations accordingly.
- Conventional method would mean you would register in X number of places and share information with 3rd party who aren’t even aware of how and where your accommodation is, on the other hand, BC involves the respective people which does two things, one is reduces the cost and two is the transaction is more direct, honest and credible.
- Assume your close friend wants to travel the world now, just because you have visited and are a block in the chain, the network will validate your friend as well. This helps your friend get a better and honest deal.
- Security, tracking and acknowledging is a very simple concept for BC which can be achieved even without breaking a sweat.
I intend to give you some essential information with this post. I am always open to research and brain storming to find a solution for you. Hit me up!
