Question

companies are adopting or planning to adopt blockchain technology. Since we want to focus on corporate applications, please select a non-cryptocurrency topic.

Prompt: A summary of the specific application of blockchain you selected. A discussion of the types of company or industry that will benefit from this application. An analysis of whether or not this application of blockchain technology will be successful. Minimum 450 words

Answer 1

• Blockchain can be applied much more broadly than just to cryptocurrencies. Blockchain functions through a distributed ledger where independently owned entities follow a cryptographic protocol to push updates which are validated in real-time. That helps in reducing the time taken to solve any business issue which otherwise might take days.
• This trust-based, decentralized, distributed network may be implemented in everything from voting systems to supply chain.
• It brings transparency in the entire lifecycle. With verified transactions that virtually can’t be altered, it’s a great way to cut down on corruption, increase efficiency, and enable a number of different industries to gain invaluable insight.
• Walmart being the global food supply chain,it requires a real time based tracking system for it's products. With this technology, shipments are tagged with numeric identifiers at the beginning of their journey, and signed and logged at each checkpoint. Across a shipment’s journey, this pilot allows Walmart to track farm origin, batch number, factory and processing data, expiration dates, storage temperatures, and shipping details. By entering a shipment’s six-digit “lot” number in a web portal, an employee at Walmart can pull all this information within two seconds. It provides thorough traceability right from the production level.
• Given that Walmart will gain a more granular understanding of time between each part of the food supply chain (e.g., farm to packing house to transportation), it can use this information to compare similar food production operations. The comparison will allow Walmart to understand which operations need improvement and why. By improving underperformers, I can see Walmart improving overall lead time, while uplifting quality standard.
• Given the limited resources from individual farming operations, Walmart will need to heavily invest in setting up the infrastructure to make this technology come to fruition. I can see Walmart leverage their buying power and make this a mandatory process of doing business with them.