Commercializing Blockchain

4What Does Blockchain Solve?

In this chapter we will explore the areas where Blockchain technology can solve some of the current issues organizations are facing. When I say ‘solve’, I am giving you the practical advice to help solve the issues; obviously, the actual solving of these issues will depend on many factors, including your organization and how you actually implement these solutions.

We have already looked at the concepts around the key Blockchain benefits and now I want to look at how Blockchain technology will solve the top four issues for organizations.

Trust

We operate in a very complex world where trust has reduced and often evaporated when dealing with business, governments, communities, and processes. I would argue that trust has never really existed in most cases.

For example, for a retailer, there is the challenge to trust the suppliers and the partners in the supply chain. The supply chain is key to the success of a retailer, but there is always an underlying mistrust in the data and the transactions. This leads to a significant level of wasted time and resources on proving who has the current data and who is correct.

Another great example is intercompany – within any global organization, there will always be discrepancies in data between the entities, firstly due to the old legacy systems, and secondly, due to the differing structures and competing priorities of each entity.

All this lack of trust means that organizations spend significant amounts of ...