Every single market research and analyst firm worth it’s name is going gaga over Blockchain there days. While the general consensus is clear about the traditional use cases – like distributed ledgers for banking transaction et al – that can be re-engineered by blockchain, several new and exciting possibilities have opened up as well. The advent (and rapid evolution) of Internet of Things have opened up a whole new horizon to imagine, innovate and revolutionize business operations.
Let’s consider any B2B business. Here, some very complex supply chain and logistics are at play. Imagine a package being shipped to the customer. The package has an RFID or NFC tag on it. Right from warehouse to custoner, the package is tracked by reading the NFC tag IoT devices at each logistic checkpoint. The logistics personnel while delivering the ggoods reads the NFC tag and marks it as delivered, thereby triggering a feed to the server in order to further trigger invoicing to the customer. For a large B2B company, the server needs to process a constant stream of such data (progress of good tracked via IoT devices at every logistic check point, final delivery etc). This is quite a humongous processing load.
To ease things out, we might think of blockchain as just the pill the doctor ordered. The blockchain might hold the entire sequence of feeds emanating from the dispatch and movement of goods, sent from the IoT devices and validated by miners, and when it finally reached the customer, the blockchain by virtue of its self-verifying mechanism will confirm the authenticity of the delivery and that verified event might be used to trigger payment release directly from the customer, without even bothering the seller’s central server.
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