You would have had to have been living under a rock to not have been enthralled in the Bitcoin and Crypto saga which swept the globe last year. This year, the hype and the buzz has somewhat dissipated. So what does this mean, was it just a moment in time or is it here to stay?
As a technology, Blockchain is something I am incredibly passionate about and a technology, which I believe, has limitless potential.
To put it simply: Blockchain is to assets what the internet is to content.
So let’s take it back a step. What is Blockchain in basic terms? The Blockchain is a public, decentralized and digital ledger that is used to record transactions across a large number of computers. These records cannot be altered retroactively without the alteration of subsequent blocks otherwise the whole chain would be compromised.
So who’s looking beyond Bitcoin and implementing blockchain into their organisation?
The Webjet team based out of Melbourne has developed a blockchain-based solution called Rezchain, which is a sophisticated reconciliation platform which is helping the accounts teams. The travel industry estimates that 3-5% of bookings are disputed and this technology platform will be a game-changer in their field.
MeXBT in Mexico City provides a web-based app that lets migrants send money via blockchain to Mexico and withdraw cash from ATM’s. This strategy is being replicated globally now.
London based company, Everledger uses over 40 unique characteristics to create a digital barcode on Diamonds and makes a record on the blockchain of these stones.
Walmart has also taken the Blockchain technology to the next level and has developed software which can allow their customers to scan their products and find out where it came from, you can literally find out which farm your fresh food came from and the journey it has taken.
Shipping companies are some of the most pioneering in this space at the moment, with Maersk, UPS and FedEx with all of them joining the Blockchain in Trucking Alliance (BiTA) which has been set up to “increase transparency and efficiency among shippers, carriers, brokers, consumers, vendors and other supply chain stakeholders.” Blockfrieght is a Melbourne based start-up and one to watch I think in this space.
So with these examples, I think it is safe to say that the Bitcoin bubble might have somewhat fallen, however, the underlying technology which pins it all together is well and truly flying!