BUILDING ON THE BLOCKCHAIN
FROM THE MINUTES 2018
Blockchain isn’t just for Bitcoin. Developed as an autonomous ledger for digital currency, blockchain has applications beyond cryptocurrency. Blockchain has very few impacts today; it is only the beginning. Currently, companies such as UPS, FedEx and Maersk are experimenting with blockchain to manage shipping operations, but in the future blockchain may also help companies manage trust. “If they do not trust you, they will not do business with you,” Pascal Ngu Cho claims, referring to both customers and partners alike.
LIKE THE INTERNET, BUT TRUSTWORTHY
The collection of data allows consumers to see whether an expert is actually an expert. Companies can leverage blockchain technology to raise the level of consumer expectations. According to Yann Rousselot-Pailley: “Blockchain is trustability by itself. Keeping track of what an expert is doing for his customer is a good way of knowing if he is really an expert.” It contributes to an evolution from an anonymous internet to a system where more transparency means a better understanding of who owns and shares data.
WHAT IS BLOCKCHAIN?
A collection of autonomous data modules created when people make transactions, and connected to form a chain of data. Think of it as an Excel spreadsheet that records transactions and is continually updated.
"Today we are in a crisis of identity. Anonymous impersonation makes the internet trustless." - Louise Guay
Blockchain can help bring companies together to create a sharing ecosystem. In this system, users who own vehicles (a bike or car), or property, would enter a record of these items for people to share. Presently, this concept exists within companies such as Airbnb and Turo, but they operate as silos, keeping their data to themselves.
TAG, RESTRICT, SHARE, REPEAT
With blockchain, your personal transaction data can become a nugget in the chain. This chain would have rules and restrictions for which systems and companies your data could interact with. “The value in blockchain is that the technology can empower individuals,” adds Pascal.
Blockchain traces cargo, duties and classifications, and automates the existing broker relationship, thus creating a chain of data that encompasses the beginning to end of the shipping cycle.
LISTS, LISTS EVERYWHERE
To better understand the impact of blockchain on trust, read this article in The Economist.