Blockchain represents much more than digital currency.Blockchains could end up in every corner of the business, bringing with them intelligent contracts that can bind and secure any type of transaction online, from commodity exchanges to employee records services.

Blockchain represents much more than digital currency.Blockchains could end up in every corner of the business, bringing with them intelligent contracts that can bind and secure any type of transaction online, from commodity exchanges to employee records services.

Money started flowing in that direction.IDC, an Internet data centre, estimates that global spending on blockchain solutions is expected to reach $2.1bn this year, double the $945m in 2017.The consultancy expects blockchain spending to grow by more than 80% a year to $9.7 billion by 2021.

Where will all this money go?Smart supply chains may be one big aspect.Just recently, IBm and maersk line has released a block chain support platform for the shipping, computer world Lucas Mearian, its essence is a "end to end (the end - to - end) shipping solutions, giving all parties a single perspective of global trade, know the goods location and allow authorities to release its trend of electronic approval".Many more are in the pipeline.According to Bill Fearnley of IDC, "Fearnley says that" a lot of technology vendors and service providers are moving in tandem and collaborating in alliances such as enterprise etherlane and ultrabook, which aim to develop startup project solutions to improve post-transaction processing, track and trace supply chain freight, and audit and compliance transaction records."Blockchain costs will be most significant in financial services, distribution and services, retail and manufacturing.

It's time to start thinking about creative blockchain applications.In a recent interview, Michael Casey of MIT explored these issues in a new blockchain book he co-authored with Paul Vigna of the Wall Street journal.He said, for example, that the world food organisation was using blockchain to track food distribution.In an interview with MIT Rebecca Linke, he described how the world food organization operates a pilot program for 10,000 Syrian refugees that USES blockchain to focus on trade and ensure everyone gets food distribution."The world food organization has millions of customers around the world.Now they can have a single source of data.They are able to integrate multiple data sources into a complete transaction without requiring these onerous and time-consuming coordination processes.

Casey points out that supply chains are a natural area to apply blockchain technology. "supply chains are a huge area of application because there is mistrust," he explains.You have a bunch of entities on the chain.They have a common goal, but they also have doubts, because every buyer wants to buy at a low price and every seller wants to sell at a high price.The idea is that people can be more open to the information they share if we create a common record that shows the transactions of the system.Blockchain helps reduce waste by highlighting information.

Block chain distribution through block chain is also the goal of some large start-ups to enter the market.In Entrepreneur, Jonathan Long, a mainstream media in the market, points out that some start-ups use blockchain as part of their subversive value proposition.For example, a company called Fr8 USES blockchain networks to promote "the digitization of transaction records of relevant assets, including situations in which intermediaries and brokers strongly resist change.In the United States alone, trucks covered 29 billion empty miles last year.By applying blockchain, Fr8 helps simplify and organize the industry in a trusted way.Similarly, Long points out that ShipChain, a company called ShipChain, has launched a freight logistics platform based on blockchain."The platform focuses on end-to-end tracking and traceability and supports the integration of the entire supply chain and transportation companies.ShipChain is a member of the enterprise etherlane alliance (EEA) with Microsoft, as well as the block chain transport alliance (BiTA) with UPS and DHL.

The MIT case treats blockchain as a "lie killer" because it relies on highly distributed information and authentication networks.Previously, "we had to rely on centralised institutions to deliver the truth.We may audit Apple's quarterly results every three months, but only if their records are true.And everything we did next was based on that.But blockchain is a distributed mechanism that can achieve this goal directly, which eliminates the ability of these large information transmitters to set the so-called real...If we implement transaction records that are considered absolutely true at any given time and we have accurate data in real time, then you don't need an audit.You don't need quarterly reports.I think this is probably the most disruptive technology we'll ever see at this stage.

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