In simple terms, blockchain is software with special features that enable data to be distributed and made
immutable. Loosely, it’s a database spread over many computers.
THE BLOCKCHAIN ENIGMA
There seems to be a lot of mystery and misunderstanding engulfing blockchain. It’s not uncommon to find
the word blockchain often unconsciously interchanged with bitcoin. Popular articles about blockchain often represent polarised views, either strongly in favour or strongly against this technology. Blockchain is sometimes
represented, either as the magical elixir for all of society’s challenges, or as the nefarious technology, to be
used in the underworld to carry out illicit operations.
It comes as no surprise that the novice exposed to blockchain technology is usually quite confused. This confusion distracts the attention away from the proper appreciation (and application) of this technology. Understanding blockchain does not need to be mysterious nor complicated.
BENEFITS OF BLOCKCHAIN
Perhaps the greatest contribution of blockchain technology is that for the first time in human history, trust can be
digitised. This ability to digitise trust has huge transformative implications for business and society. At a high level, this technology could transform business models at their core which in turn generates ripple effects at the industry level.
Blockchain when properly harnessed could give businesses a radical competitive advantage. This can be achieved via any or all the items listed below:
• reduced transaction costs
• reduced process friction
• enhanced cybersecurity
• improved productivity
• better transparency (breaking
USES OF BLOCKCHAIN
Thousands of organisations are already applying blockchain for various use cases that generally involve many untrusted parties exchanging critical data frequently. A partial list of some of the typical applications is given below:
• Track & trace
• Digital notarisation
• Data privacy
• Value transfer
For more information: Navozyme will be giving an Introduction to Blockchain for Terminal Professionals
during the ILTA Conference on the 5th of October. A further workshop on the topic will be held on 6-7 October. To register visit: https://ilta2021.ilta.org/registration