Drivers
Blockchain technology has the advantage of having the capability to be extended using APIs, which helps to transfer value of any type from one person or institution to another, which includes currency, property, reward points, and stock, among others. 1. Supply Chain
- After cryptocurrency, companies focused on the supply chain are adopting the blockchain technology. Blockchain guarantees complete transparency in transactions, and companies can track their products hence reducing fraud risks and cost.
2. Data Provenance
- Blockchain technology has helped in data Provence especially for platforms that are running in the cloud as it helps track who created data, keeps a record of logs and when data was created, data rights, and access to the cloud functions.
- With blockchain technology and smart contracts, a data provenance service will enable a software developer to track every information in a network, add devices to the network, and give rights.
3. Blockchain Developers and Engineers
- According to Doug Schade, a partner in software technology division at talent acquisition firm WinterWyman, there has been an increase in demand for blockchain technology, and various industries have adopted it. There has been an increase in the hiring of engineers and developers with knowledge related to blockchain.
4. Internet of Things (IoT)
- IoT and blockchain technology integrate into most applications and are essential in the development of an edge economy, allowing applications to run on any platform. Blockchain and IoT will enable moving of apps that run in data centers to infrastructures that would enable data and services exchanges that are trusted and unspoofed.
Benefits of Blockchain
Blockchain offers a wide range of uses when integrated with IoT devices including;
Blockchain enhances transparency and can assist in certifying organic, animal-free, and green products in the Agricultural sector. The transparency offered through blockchain can help mitigate risks around food security, corruption, counterfeit goods, and child labor, among others. CASE STUDIES
- Maersk and IBM have launched an end-to-end supply chain trading platform, which consists of IoT, Blockchain, and AI technologies. The project has already been piloted by Tetra Pak, DuPont, and United States Customs. Everledger tracks diamonds from the mine to the store using IBM's platform. Walmart partnered with IBM to track lettuces, cakes, and steaks using the blockchain supply chain.
- Bext360 is a software as a service platform that consists of AI and blockchain technology, which was developed to improve transparency, traceability, and sustainability to the company's supply chain. Bext360 is used to track goods and uploading real-time data to the supply chain.
After conducting the initial one-hour research, we were able to identify four drivers of blockchain.