Is Blockchain More Efficient than Central Banking?
The benefits of implementing cryptocurrencies are somewhat dubious. Conversely, people have been arguing in favour of the technology that underpins them – the blockchain. The blockchain is a medium where actions can be automated and executed with verity and without flaws without needing human supervision.
The fact you don’t need operators to man any of the operations that transpire on the blockchain leads to a significant cost reduction, but it also entails productivity and generally boosts the system to which blockchain is applied.
However, this is a bit of a stretch at present days. While blockchain is touted for its many advantages, it’s still not quite clear what is going to be happening next. The safe & secure implementation of the blockchain would not be an easy thing to demand. But there’s a number of companies that have been bravely pushing for it.
Bureau Veritas in the Midst of Blockchain
Blockchain will change virtually every industry out there, but the changes start, apparently, with the shipping industry. Bureau Veritas is a French testing & certification company, which has being issuing ISO certificates to a variety of company.
One of its main operations is in the shipping industry where the company has revved up its efforts significantly to bring meaningful change. Now the company has released the world’s first blockchain traceability solution, which concerns consumers.
Origin allows customers a complete end-to-end proof of how products have been handled, from farm to fork. This solution was featured on the Global Food Safety Conference held on 5 March 2018 in Tokyo.
Relying on blockchain to carry out its operations, Origin provides consumers with sufficient information about each stage of the travel of a product you want to buy. All you have to do is scan a QR code, and voila.
Everyone involved in the value chain benefits from the cost-effective solution, which slashes all unnecessary expenditures quickly and provides you with plenty of opportunities to manage the whole process of food transportation without a hitch.
BV is presently reaching to a multitude of clients and hopes to bring Origin to the wider market:
“The launch of Origin follows two years of work by Bureau Veritas to develop blockchain applications that increase confidence in transactions. Origin is a win-win solution not just for consumers, but also for retailers, suppliers, processors and manufacturers, as it adds value to the final product. With Origin, product recalls can be managed in real time, enabling the brand to preserve its reputation.”
Olivier Stuckens, Managing Director of Mobility & e-Transactional Services at Worldline said:
“Blockchain offers unique advantages for a product such as an Origin: it is secure, open, transparent, and does not require a controlling entity. Using blockchain technology revolutionizes how transactions are verified, thereby increasing the reliability of information. This feature means that while Origin has been developed with the food industry in mind, it can be used for any sector.”
Blockchain – Where We Transform The Future
Blockchain now promises to transform everything we know about how business around the globe happens. It will be a useful tool in your box of solutions for reducing expenditures and boosting profitability & productivity.
How? Simply by eliminating the long-winded verification processes, which are still prone to producing an erroneous result and bog down the entire operation. With this in mind Blockchain will be transforming every industry we can think of, and here is how:
- Transparency – It’s painfully easy to spot any problem if it occurs on the blockchain. Simple, plain and easy, everything that happens on the public ledger is recorded. And even if you use a private solution, it may still be accessible for viewing from the outside, so that everyone is safe in the knowledge that no foul thing is at play.
- Reduced transaction costs – It’s cheap to use blockchain and you should rejoice in that thought. Yes, you can save yourself quite a bit of the cost by implementing your own blockchain solutions.
- Faster transaction settlements – Because everything is automated, you will never have to bicker over transaction settlements. They happen automatically and without a hitch.
- Decentralization – No-one is your master in the long run and that’s just brilliant. You will not have to worry about a single thing when you deal with the blockchain.
- User-controlled networks – Networks are important and they will be handed back to the end-user who will then have a control over how matters transpire.
- Efficiency – It’s an efficient way to handle the matter for sure. With all costs slashed & reduced you are onto a good thing and you will never have to worry about a single thing beyond implementing blockchain and enjoy its power in full.
Can Blockchain Overtake Central Banks?
Can blockchain replace central banks? At this point, there’s little evidence to back the claim that we can sustainably replace the established financial order with something as ephemeral as blockchain. Nothing can actually support that claim more so than the fact that blockchain has not yet been universally recognized.
Conversely, the technology is already changing industries and lives. The Penta Network, a project based in Singapore, has already managed to help with rice producers traceability, offering producers a rare opportunity to be in full rein of what happens to their product.
But for blockchain to kick off in full, you would need to more solutions to be implemented and applied to everyday problems. This may seem overwhelming, but it’s in fact quite easy to achieve. If you want a quick & easy solution, there will be a long and hard fight for it and it will definitely not be one that leaves people unscathed.
Blockchain will not replace central banks immediately, but the technology is promising enough to try and do so with a bit of foresight. We will see the world of cryptocurrencies and blockchain change at a rapid clip and you may witness this change firsthand.
However, for blockchain to be accepted in the mainstream, it will take a while. With the initiatives currently afoot, however, we may not need to wait too long.