Blockchain technology is set to be the next disruptor that will become intrinsically embedded within business processes. Industry leaders have predicted that it will improve visibility, productivity and security for business.
For businesses, blockchain technology can be used to monitor and track products as they pass through a supply chain. When an item is passed from one to another, a digital token can be exchanged between the parties.
Many industries have realized that blockchain can bring new efficiencies to commerce, and profoundly change how the world conducts business. Major IT providers like IBM and Microsoft are collaborating with banks and other financial institution, competing to develop commercial blockchain platforms. The advent of blockchain has fuelled an abundance of startup companies focused on consumer applications in the business sector. Governments are considering how blockchain can make tax reporting easier while reducing fraud.
Adi Ben-Ari, founder of software company Applied Blockchain, suggests that blockchain encompasses difficult technology challenges. Blockchains need to be truly global, with the ability to integrate all participants in a supply chain:
“As you go down your supply chain, you’re probably going into countries that are less technically developed, so you run into more challenges. If you have someone in the supply chain who isn’t integrated into the system, or who goes through a proxy, you lose a lot of the value of the blockchain.”
What we do
Augmate Connect, our IoT and wearables device management platform, will utilize blockchain data exchange by incorporating IOTA Tangle, EOS, and new Ethereum technology among others.
Find out more about Augmate Connect here.