I have recently been studying blockchain and getting my certification in cryptocurrency. The thing that surprised me the most was the other uses of blockchain that have nothing to do with money. It is used for everything from inventory tracking to voter identification and everything in between.
Basically, blockchain is triple entry bookkeeping. If it was an accounting system, it would put auditing out of business. Accounting in general is a double entry bookkeeping system. That just means that for a transaction to be accurate it must hit two places such as the check book and the expense it is associated with. So, if you are paying the telephone bill the amount of money in the checking account goes down and the amount you paid in expenses goes up. Well blockchain adds a third step and that is authentication. They authenticate that not only has the bill been paid but the amount is correct, and the transaction has been recorded correctly.
When it comes to cryptocurrency that gives a layer of security that everything has been correctly and accurately recorded like reconciling your bank statement to make sure your balance matches the bank. But how is it used for other applications. Walmart has implemented an inventory tracking system developed by IBM that will allow them to track a specific head of lettuce all the way from the farm to the consumer.[i]
Blockchain has also been used for video games. The first being CryptoKitties which uses blockchain to establish ownership of assets inside the game. It is currently being tested in several states for on-line voting and verification that a vote has only been counted one time by someone who is authorized to vote. It is also being used in the music industry to give musicians more control over how their music is being used and giving them ways to prove the material is uniquely theirs.[ii]
So how can this help you. We can help with tracking your crypto currency but more than that there are new applications for seed to sell tracking for the cannabis industry as well as other industries where it is essential to track everything from your client base to locations of inventory. Schedule a time now to talk about how blockchain might be of use to your business.
[i] https://www.fool.com/investing/2018/09/25/walmart-goes-all-in-on-ibms-blockchain-tech.aspx