April 12, 2018
by Sharon Moran
The World Blockchain Technology Conclave took place last month in Bangalore and Mumbai over a 5-day period. Dr. Ross McKenzie, founder and CEO of The Startup Business, was a speaker at the event and gave a presentation titled, “Building the Business Case-How to Get “Buy In” To Start & Scale Your Blockchain Solution.” From his company’s recent press release, McKenzie says, “You need to ensure whatever your blockchain business case is, it must solve a big problem-that’s how you’ll achieve your ROI.”
McKenzie didn’t avoid discussing possible problems encountered when implementing the technology noting speed and scalability as current limitations, but he did highlight emphasize that the ecosystem is now starting to remedy some of these drawbacks. “So even though blockchain has been around for ten years (the same platform Bitcoin is based on), it is only now we are seeing use cases beyond Bitcoin and cryptocurrency, which are starting to address some of these limitations.”
The few examples provided included how the renewable energy sector is implementing the technology to create a peer-to-peer exchange and also mentioned Walmart’s recent patent for a solution covering autonomous or robotic delivery vehicles or drones. I often wonder if Amazon’s expansion of very fast grocery delivery services such as AmazonFresh and PrimeNow is intended to get consumers acclimated to the quick turnaround drone deliveries will enable.
Of course, billionaire Elon Musk sees potential dangers with constantly buzzing drones overhead, and he founded The Boring Company to help create his vision of an elaborate, high speed underground delivery and travel system. Whichever transport system prevails, we’re certainly looking at consumer goods being delivered speedy-delivery-style straight out of a Mister Rogers episode.
Distributed ledger technology can be utilized in private industry without the need to have a native token; obviously public systems, however, rely on willing miners to devote their computing resources and hashpower to mining the coin. Cryptocurrencies can’t exist without the blockchain, but the blockchain can exist without corresponding cryptocurrencies.
Blockchain Technology Use Cases
Blockchain technology use cases exist for many sectors including finance, insurance, government, healthcare, and manufacturing. I previously wrote about IBM’s efforts to enable supply chain management by creating crypto-anchors that act as a digital fingerprint for the products within which they’re embedded.
This technology can even provide the capability of creating a system for more convenient and more secure elections at the local, state, and national levels. Voter fraud and tampering with election results would be eliminated when using a decentralized digital voting system.
I plan to include expanded coverage of dozens of popular use cases of blockchain technology in future articles. Thanks to Satoshi Nakamoto solving the Byzantine General’s Problem, smart contract use cases at their core can fulfill the role of an intermediary and enable trustless peer-to-peer transactions.