The block chain technology is known for the world in 2008 through anonymous white paper. In fact, the anonymous author Zhongcheng is not using the block chain in the papers of point-to-point electronic cash system, but the smart code to enable distributed book technology can be traced back to this inconspicuous start.
Through this sentence of Sali Davies, we may be able to understand the block chain in the fastest district, “Zuncha chain is like the Internet as the Internet” – A large electronic system that you can build applications above. ” Encrypted currency is only one of the many applications of block chain technology. Almost any industry with B2B or B2C transactions, uses third-party entities as trusted intermediary, can improve efficiency through block chain technology.
Although the encrypted currency is still trapped in “encryption winter” known as some critics, distributed accounting technology (hereinafter referred to as zip chain technology) is preparing to subvert a variety of industries. But the block chain is never universal, it also has countless limitations. The following is the most striking three use cases (except encrypted currency / financial technology).
Supply chain management
Although the current supply chain is complicated than ever, many companies and institutions operated in international supply chain and trade maintain data is island, and other organizations on the chain are opaque. Maersk Strategy Group and IBM estimation, global trade management cost is about “1.8 trillion per year, with more effective processes may save about 10%”. “
As a leader in block chain technology, IBM has developed a system called Tradelens to connect to the global supply chain ecosystem, which will promote information sharing and trust while stimulating innovation. IBM has begun to cooperate with Dallas Baptist University and create a block chain technology course. Dallas Baptist currently provided a course in the Master of Finance, Master of Digital Risk Management and Master of Information Technology.
2. Real Estate and Land Records
The real estate industry is “inefficient processes and unnecessary transaction costs, which are maintained by profitable professionals and institutions”. Although there are many gains in an effective land market, there are more harvest in developing countries.
DE SOTO’s analysts estimate that there is a real estate worth $ 20 trillion in the world, and the world’s poor people have poor liquidity and low yield. In addition, they are not qualified as a mortgage of loans because they either misconduct, or there is no property right.
Introducing the block registration based on the block chain not only increases the liquidity of the economic cooperation and development organization (OECD) national land market, but also release millions of acres / hectare land, as a loan collateral in developing countries . It is reported that in the case of Several State, Zambia, Rwanda, Colombia, Georgia, Swedes, and India in Chicondon, Illinois, Several states in Columbia, Georgia, Sweden and India.
3. Digital identity
Identity, this word is full of various meanings in different contexts, in the official, administrative sense, usually represented by a paper or plastic card, which contains identification information about the owner. Every year, billions of dollars try to protect their identity, and the amount lost in cyber attacks and other security vulnerabilities every year.
In addition, our online identity is not our own, but is a company and online platform that excavated, summarizes and sells our data. Block chain technology is likely to trust and privacy in digital identity.
It covers some of the most applicable areas of the block chain technology here. As the block chain continues to innovate in various industries worldwide, we can expect modern business professionals to have more understandings of this emerging technology and reasonably use to develop in their field.