I recently discovered a new technology using blockchain. This company, Voatz (votes), uses blockchain to secure the voting process via mobile phone. Yes, voting embraces mobile technology.
The banking and finance sector continues to expand its use of blockchain. Since blockchain records and validates every transaction, doesn’t require third party authorization, and is decentralized, it’s perfect for banking transactions. It’s in use for cross border payments, trade finance, and financial audits.
Blockchain or distributed ledger technology (DLT) offers a way to secure people’s identity. Imagine being in charge of your online identity, using a secure, verified digital signature to vote, access all your health records, or do your banking. Is this available yet? Not really, although Europe is rapidly heading in that direction.
The global pandemic showed us our supply chain vulnerabilities. The use of blockchain promises to fix some of the problems. In a distributed ledger, all transactions are transparent and secure.
No changes can be executed without all supply chain participants agreeing. Participants can see the location of materials or products at any point in the supply chain and who owns the assets at every juncture. Tamper proof, the term used to describe a blockchain, makes it impossible to falsify any supply chain records such as inventory.
Blockchain technology is not yet able to replace all the paper-intensive parts of logistics. Track and trace blockchain technology, utilized notably by Walmart, monitors refrigerated products shipped long distances. Blockchain offers one of the best ways to fix our global supply chains.
Author: Kris Keppeler, a writer who finds technology fascinating and loves humor. She writes for Crossing Genres on Medium.com and Does This Happen to You? on Channillo. Award-winning podcast producer who enjoys telling stories. Follow her @KrisKKAria on Twitter or on LinkedIn.