I believe that blockchain, a group of decentralized ledgers that represents an entirely new suite of technologies, will revolutionize certain industries. Before getting into how blockchain may innovate certain industries, the audience needs to understand how blockchain works. In short, blockchain has a distributed database that can verify records of transactions directly without the presence of an intermediary. The data is also accessible by every party and no single party controls the data. Due to its convenience, supply for reliable data, and many more reasons, industries will innovate through the usage of the blockchain.
One main field, for example, is in the area of food industry. Blockchain will build trust in the food industry which is a key to both success and failure depending on how well the company manages with it. Blockchain can build trust, because of its unfiltered record of information that can be accessed by anyone. By having a medium like this that will provide reliable evidence is key to the food industry because of food industry’s endemic nature: matter of safety. Food industry especially requires trust and honesty between the company and the consumers since food is a product that people continuously consume in their daily lives.People accordingly pay extra attention to the information provided by the company.
For example, people search for organic products, natural stuff that did not add pesticides, and more. While the company does provide general information, we never know if the meat or the fruit we buy is truly organic. We have no tools to verify. This, however, can all be identified with the presence of blockchain. Blockchain provides a reliable record that stores all the data in a decentralized network, which means that anyone has access to it. Due to the transparency and authenticity of the information on food products, customers can not only be relieved but also create a bond of trust between the company and the consumers.
This will further lead to innovate the industries because blockchain will potentially hold the key to success. Since the cost of networking and verification diminishes, more companies will start utilizing blockchain. If the consumers start to rely on verification that blockchain provides, the key for the industries would be to wisely utilize this tool.
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