Blockchain, which can be described as an accessible digital ledger which records and verifies data between parties, is often associated with cryptocurrencies due to the technology’s popularity for its credibility, accessibility, and the security it provides the crypto industry.
In an article from Inc., Deloitte’s Chief Futurist Mike Bechtel is encouraging blockchain to be used beyond digital assets, explaining “How Blockchain Could Break Free of Crypto to Become an Essential Business Tool” – https://www.inc.com/ben-sherry/how-blockchain-could-break-free-of-crypto-to-become-an-essential-business-tool.html
To showcase the non-crypto uses of blockchain to those curious about implementing the technology, Bechtel states that entrepreneurs first need to identify any business challenges that would require negotiation, collaboration, or multi-party agreements.
“Imagine you’re embarking on a joint venture with another company,” says Bechtel. “Who’s gonna hold the finances? Who’s gonna keep the books? You don’t trust them and they don’t trust you, but you can both trust the chain.”
Bechtel uses the shipping and logistics industry as example of an ideal blockchain candidate. Several parties need to collaborate for product transportation, which means worrying about keeping track of multiple tracking numbers from manufacturers, distributors, and shipping companies. Instead, each step of the transportation process can be recorded on the blockchain, making it easier to track packages and catch errors in the supply chain.