Investing in blockchain solutions can also make sure your goods get to their intended destinations, without disruption.
Blockchain technology is predicted to become mainstream in many industries as we move forward.
While it is closely associated with the rise of cryptocurrency today, blockchain is a lot more than that.
Blockchain tracks all movements and transactions through a series of secure data exchanges, time-stamped and verified every step of each exchange.
International intelligence firm IDC predicts corporate spending on blockchain solutions will top $2.9 Billion in 2019, and continue to grow at a 5-year compound rate of 76% to $12.4 Billion by 2022.
The finance industry will continue to lean the way in investments to blockchain solutions, but the resources, distribution, retail and manufacturing sectors are also predicted to add to that growth.
IDC’s Sandra Ng said “Essentially what it will do is that it will connect different entities so as to be able to deliver trust through the digital platform so that is what blockchain is all about.”
Ms Ng said this is especially useful in places like China, where food safety and counterfeit goods are problems consumers have to deal with.
“There is a particular organization DIG which is a Shanghai`s company and they distribute premium wine from France and Italy to Chinese consumers. To ensure that the wine that they distribute get to the hands of the consumers are genuine, they use blockchain to make sure they connect that bottle of wine, from the French vineyard all the way to the retailer in China, so when they get to the hands of consumers that bottle is a genuine bottle of premium wine.”
An expensive bottle like the one Sandra talked about, is tracked, through blockchain technology, so the data is connected.
Ms Ng, “You can actually check to make sure that every step of the way is tracked and is not broken every step of the way, that bottle you actually embedded with digital codes so that throughout the process, that whole supply chain distribution, we know that we are having that same bottle of the wine.”
Blockchain is another emerging technology companies in the Asia pacific can levereage on to move forward.
Transcribed by Mirsaid 2:30