Blockchain, the cloud-based distributed ledger, is one of the hottest emerging business technologies. But how do you know if your company needs to create or join one?
To help you make that decision, you and your organization should ask (and answer) the following five basic questions:
1. Are we ready to lead a blockchain initiative, one that spans an industry or even multiple industries?
Blockchains provide a shared, immutable, secure record of transactions across a business network, so embarking upon a blockchain project will require your commitment to a process that goes beyond your own organization or business—“going big,” so to speak.
For example, a global shipping management company is going big with a blockchain to simplify the documentation process among ocean carriers, truckers, customs agencies, and logistics providers, projecting a 60% reduction in the time required to collect and confirm data from multiple parties. One federal government—working with banks, customs, food and drug administration officials, and other organizations—is using blockchain to identify counterfeit goods and prevent fraudulent customs activity. To prevent contamination, large and small enterprises across food industry supply chains are exploring blockchain to verify and prove that food is safe at every stage, from point of origin to distribution, from point of sale to consumption. Read the complete article here.
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