Experts Believe Blockchain Has The Power To Transform Businesses

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Experts Believe Blockchain

Nowadays, the competitive business world focuses a lot on how the digital currency market is doing. This is understandable; with millions of dollars on the line, investors would naturally want to know how the current status of the digital assets holdings in real-time.

Blockchain technology, even without cryptocurrency, can be just as transformative as the digital coins its spawned, especially in the area of business. In fact, experts believe that the technology has the potential to revolutionize the way business is done in the same way as the internet did during the dot.com days.

Blockchain Goes To Walmart’s Live Food Business

Walmart is going high tech in combating contamination cases and wastage in its live food business. The U.S. retailer chain is now using blockchain technology to better track its products which is a crucial component in its efforts to maximize efficiency by easily spotting cases oversupply or undersupply.

By utilizing blockchain, the same technology driving digital currencies, Walmart says that it is now able to track its products in a mere two seconds, a process that would have taken two weeks using its old system. The retailer, along with IBM’s blockchain platform, has been testing the new system since 2016 giving it ample time to thresh out possible bugs before deployment.

Fighting Counterfeits

Walmart’s usage of blockchain in its inventory management is just one of the many ways businesses can use the new technology to streamline its process. One other possible application of the technology is in the unending war waged by brands against counterfeiters.

The saying about imitation being the sincerest form of flattery cannot be applied to businesses. Left unchecked, not only will counterfeit goods steal potential revenue that could have gone to the company, the substandard goods will even damage a brand’s reputation in the long run if left unchecked. A potentials solution to this age-old problem is for companies engaged in manufacturing of goods that can easily be counterfeited to use blockchain.

A company called Seal actually specializes in this type of product authentication. On the company’s site, they advertise themselves as a “blockchain-powered product authentication and services platform.” Their dynamic near-field communication (NFC) chips are small enough to be incorporated during a product’s manufacturing process that its presence won’t be noticed and won’t certainly affect a product’s function and aesthetic appeal.

Blockchain To Transform Business

While cryptocurrencies are doing their job of revolutionizing the financial markets, experts believe that blockchain, the technology that powers the digital assets, is just as transformative as well. In a recent survey by blockchain platform BTL Group, an astounding 87 percent of technology professionals believe that blockchain could be a game-changer especially when it comes to privacy and data security.

The respondents of the survey, which is composed of 279 technical specialists, strongly believe that data privacy is a major concern for people working in the IT industry. For this reason, 66 percent are already using blockchain technology in their respective companies. Of the remaining 34 percent who are not yet using blockchain, almost half revealed that their companies would likely use the technology within the next two year. This shows its promise in data security and privacy.

Of course, another concern among ordinary citizens is the repeal of net neutrality rules in the U.S. which could inevitably affect the browsing experience of netizens. For those who want to remain net neutral in their online activities, the only course of action is to get services from companies that have the conviction to pursue net neutrality principles and treat all types of content equally.

One such company is Decenternet. Decenternet offers unbiased handling of all types of data or content on the net. The best part is that the company is also powered by blockchain, making it ultra secure as well.

 


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