WHY EVERY ORGANIZATION SHOULD KNOW THE FOUNDATION OF BLOCKCHAIN?

WHY EVERY ORGANIZATION SHOULD KNOW THE FOUNDATION OF BLOCKCHAIN?

A few years ago, a friend of mine, who works at a large legal company asked me about Blockchain. They were looking into Blockchain technology and specific into Smart Contracts. It was one of these wake-up calls that triggered me to explore Blockchain and specifically the Use-cases that are not only associated with cryptocurrency.

How can we use Blockchain? Well the possible use-cases are enormous. Both in actual numbers as in sectors. A much-used categorization of Use-Case is addressing two basis needs.[1]

They are:

1. Record Keeping in terms of storage of static information;
2. Transaction data or registry of tradeable information.

RECORD KEEPING IN TERMS OF STORAGE OF STATIC INFORMATION.

STATIC REGISTRY.
Keeping correct information about the origin of e.g. food is very important. Immutable stored information is paramount, to prevent fraud and unsafe distribution of this. However this use case is not limited to food only. The diamond industry is one, distribution of Blood is another that organizations want to be able to track from origin to final destination

IDENTITY.

Our online identity is maintained….by whom? So when we want e.g. do Voting electronically who prevents my personal votes from being misused. Blockchain by default secures identity by implementing powerful measures.

SMART CONTRACTS

Another use of Blockchain is what my friend was interested in: Smart Contract. A good example of a Use-Case is indeed in legal contracts. Other use-cases are insurance claims and all other agreements among parties.

TRANSACTION DATA OR REGISTRY OF TRADEABLE INFORMATION.

DYNAMIC REGISTRY

Platforms that exchange physical/ digital assets supported by Blockchain can operate more efficiently, secure, and cheaper. They make small companies more independent and thus support micro economy.

PAYMENT INFRASTUCTURE

Bitcoin, Ether are among the most well-known cryptocurrencies, however, consider if the approximately 2 billion unbanked could enter the world economy if they had access to online bank. No intermediate large bank is needed since more that 80% of these unbanked have a smart phone, while the nearest bank might be hundreds of kilometers distance.

VERIFIABLE DATA

Event tickets and in intellectual property right protection in e.g. music industry can benefit from Blockchain as well.

EPILOGUE.

Should you have a friend like me who is interested in BLOCKCHAIN, now you have some background. Also the article mentioned in the footnote is a very starting for your journey. And also the training you can order at EXIN (see below) gives you more details insight in BLOCKCHAIN.

GET EXIN CERTIFIED IN BLOCKCHAIN FUNDAMENTALS.

Recently EXIN has announced a certification program: Blockchain Fundamentals[2]. This non-technical 2-day training is based on the book by Tiana Laurence, Introduction to Blockchain Technology – The many faces of blockchain technology in the 21st century[3]. Both the training and the book will prepare you for the EXIN exam.   After you have completed the training you will have detailed knowledge on how Blockchain can be beneficial for you and your business. We will discuss at length what possible Use-cases – now and in the future – use Blockchain as an underlying technology.

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[1] https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/blockchain-beyond-the-hype-what-is-the-strategic-business-value

[2] https://www.exin.com/certifications/exin-blockchain-foundation-exam

[3] https://www.vanharen.net/introduction-to-blockchain-technology/