Blockchain technology is an innovative way to pass information from point A to point B in a safe, automated, and immutable way. It is a decentralized system for tracking electronic events and assets that logs ongoing transactions without any third-party intermediary like a bank or escrow service. Multiple industries are using this technology to revolutionize their businesses.
Visionaries and developers of blockchain technology believed that the current banking system is flawed. Banks and other third parties charge unnecessary user transaction fees, and traditional payment and validation methods don’t encourage real-time transactions. On the other hand, blockchain technology allows real-time transactions, supply chain monitoring, data sharing, digital voting, food safety, and various other applications.
Transferring funds from one party to another is one of the most important practical implications of blockchain technology. A transaction processed over this technology only takes seconds instead of hours or days. Using a blockchain to monitor an organization’s supply chain is more efficient because it helps stakeholders identify discrepancies in near-real time.
In addition to revolutionizing banking and supply chain management, another intriguing application of blockchain technology is the ability to safely track the journey of food items, medicine, and other perishables from their point of origin to their destination markets. In this way, blockchain technology can help businesses and regulatory bodies pinpoint expiry, contamination, and other safety concerns in food products quickly and efficiently.
IBM Blockchain is a platform that allows technology leaders to design, operate, and deploy blockchain solutions across any computing environment. Its transparency allows business leaders to streamline their financial, supply chain, and other organizational processes. IBM Blockchain is transforming businesses and disrupting entire industries around the globe.
Systems Limited and IBM are cohosting an event, “Empowering businesses using Blockchain” on Tuesday, December 3 in Karachi. The event will highlight multiple practical applications of blockchain in various industries, from food supply, media, and advertising to trade and finance.