Blockchain technology is the best solution we have to prevent snail-paced and inefficient paper work. Paper work travels from point to point, accumulating human errors and wasted time.
How great would it be to digitize entire business networks and track processes with the click of a button?
Blockchain technology has the potential to streamline elaborate processes; in fact, the idea has already been implemented several times.
A global trading house called Louis Dreyfus Co. traded agricultural commodity through a blockchain network in December 2017! The company was aided by Dutch and French banks.
How did the trade implement blockchain technology?
Louis Dreyfus Co. traded soybeans with Shandong Bohi Industry Co, completely using blockchain tools. The two companies created digital contracts, exchanged letters of credit and documents of legal inspections and audits, and certifications during the trade.
According to a statement to Bloomberg, the companies estimated that the entire processing rime reduced to one-fifth the normal time taken in similar deals. The transactions were reportedly completed in a week’s time rather than the regular period of two weeks.
Other examples of blockchain technology in business deals are in energy or crude oil trades and metal exports.
Blockchain technology applied to personal business deals
The big question: will blockchain technology remain in the realm of big businesses and stay out of reach of individuals, other than through cryptocurrencies?
The big question answered: The Fuzzy.ai co-founder, Evan Prodromou used the Ethereum blockchain technology platform to create a digital coin called Evancoin in Oct 2017.
Prodromou sold the coin as an ICO and what was the commodity behind the ICO? Professional time worth $15 per 20 hours! Such coins are examples of the scope of blockchain platforms.
For e.g. the Evancoin could rise and fall in value depending on supply and demand; his credentials, the relevance of his advice, etc could affect the coin’s worth.
Prodromou says –
“I’m really serious about exploring how cryptocurrency is changing what we can do with money and how we think about it. Money is this sort of consensual hallucination, and I wanted to experiment around that.”
Blockchain technology is moving into a sector that experts have been predicting for a couple of years; real world applications. From tracking dental records to marking the diet of cattle, blockchain technology is finally entering our daily lives.
Feelium is a blockchain technology platform designed to be used in real world applications. With smart contracts and escrow services on automated and blockchain-protected networks, Feelium offers a token-based platform for B2B, B2C and P2P transactions.
