Wednesday, 4 December 2019
Block chain is a distributed ledger technology that exchanges record transactions between parties in a secure way.
The term block chain refers to blocks of chained data in a system through a network by which it is automatically accessible to all the relevant parties who are connected via computer.
Block chain brings three main features
- Accessibility
- Security, and
- Accountability.
All parties share the Block chain, and it makes the data accessible for everyone involved in it. The technology involved is decentralized and distributed ledger, through which data is stored on every computer. Hackers would generally need to access and alter the data on the computers that is linked while; they need to change it for each transactions, which is almost impossible because of high level of security. Accountability is ensured from everyone in the network because of single fixed cache of information.
Cryptocurrency!
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.
The biggest advantage of Cryptocurrency is that it uses decentralized control, but in ordinary currency, it uses centralized digital currency and centralized banking systems. In case of crypto currency, decentralized control works through distributed ledger technology, typically a block chain that serves as a public financial transaction database.
Bitcoin first released as an open – source software in 2009, generally considered to be first decentralized cryptocurrency. Since the release of bitcoin, over 4,000 altcoins (alternative variants of bitcoin, or other cryptocurrencies) were created.
In recent times there were much repels about the Crypto currency called “Bitcoin”. Its price started from $1000 in 2017 and rose to $20,000 on 1 January 2018. In Jan 2019, it valued around $3,747, which is down to 81% since its all-time high. If we could do the analysis, the chain of events led to its downfall
- China is the first country to put banking ban on cryptocurrency (Financial institutions are not allowed to facilitate bitcoin transactions) in 2018 and many countries including India followed.
- In 2017 – 2018 group of hackers called Cryptocurrency Mining, they attacked most of the health care industries all across the globe and started demanding ransoms in bitcoins, to which many hospitals obliged and did pay the amount since they wanted to resolve the hack.
This chain of events led investors to move away from Crypto currency but not from the technology called Block Chain.
Block Chain Industries:
Treum is a company using block chain to track ingredients fish meat and its aligned consumer products etc.
Some of their case studies include:
Verifying Freshness:
Their case study brought accountability to the meat delivery cold chain. From manufacturer to retailer, all parties are responsible for maintaining quality.
Bait to Plate:
This case study shows how consumers can verify the ethical and sustainable catch, processing and transportation of yellowfin and albacore tuna from the waters of Fiji to their sushi plates at Brooklyn, NY.
Safe Salsa
This case study shows how timely and targeted supply chain actors can affect product recalls, notify and refund consumers for returning contaminated products.
Sustainable Skincare
This case study demonstrates how consumers can visually trust in how their products are sourced, produced and processed before purchase.
Some other Industries where block chain is used:
Starbucks:
Recently Starbucks worked with more than 380,000 coffee farms to ensure ethical sourcing. Perhaps even more important and differentiating are the potential benefits for coffee farmers to know where their beans go after they sell them. Starbucks is innovating ways to trace the journey that its coffee makes from farm to cup, and to connect the people who drink it with the people who grow it. This kind of transparency offers customers the chance to see that the coffee they enjoy from them.
SAP:
SAP has launched a supply chain tracking service based on block chain that will enable drug wholesalers to authenticate pharmaceutical packaging returned from hospitals and pharmacies.
Supply Chain:
Recently DHL Express and UPS and FedEx, brand of competitors came together to be part of the Block chain in Transport Alliance (BiTA), an industry organization with more than 500 members.
Conclusion:
The most successful implementation of block chain is bitcoin; it is the sole reason that there is lot of buzz on Block chain in recent years. Some has described it as most advance technology and some termed it to be most disruptive technology of the decade; the financial markets are the most affected ones. The technology has spread its wings all over the verticals like Healthcare, Medicines, Supply Chain and even countries like Uganda have started using it to verify distribution of counterfeit drugs in their local market.
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