By Sandra Quinn
With more and more global businesses incorporating blockchain technology into their daily dealings, it begs the question of whether or not the blockchain can bring success to any industry.
So far, we have seen blockchain technology being used across finance in banking as well as in real estate, in education and other areas, while it is also being used in healthcare, particularly to make procedures safer and to protect the identity and health information of patients.
One area in which it has a lot to offer is within the area of commerce.
Customers are more discerning than ever before about where things come from, how something was manufactured, the carbon footprint involved and the ethical, as well as monetary price of something.
What the blockchain offers in this sector, is truth.
Using blockchain technology, the source can be traced and documented, along with every process and step along the way.
For instance, if a customer is buying something and wants to know where it came from, how it travelled from the source to point of sale, who was involved or where the ingredients or components were sourced, the blockchain would provide all of this information.
Unlike a traditional paper trail, the blockchain ledger would be indisputable, as the information, once entered, cannot be tampered with and the same information is visible to all who look at it.
In this way, it would offer a clarity and truth to the commerce industry, giving vendors and distributors the opportunity to anchor the blockchain and its indisputable ledger of truth as a unique selling point.