It looks like the Bank of England was right. They predicted bitcoin as “a significant innovation that could have far-reaching implications.”
Blockchain is a decentralized system of recording and verifying transactions. It sounds sophisticated, but actually is just a ledger. The attraction in the bitcoin and financial world in general is its high level of privacy to those involved in these lucrative transactions. It is, however, beginning to attract other companies for very different reasons, companies like Walmart. Due to Blockchain technology’s ability to accurately verify chain of events, it has been brilliantly used in tracking down the origins of food. This brilliant use of the technology put Walmart in a favorable spotlight in the recent chain of Romaine lettuce threats. Walmart started using the technology several months back.
It will be interesting to see how this technology takes off in the restaurant world as companies scramble to protect their food supply, especially with the world retailer coming on board.
Read the article here:
Quote of Bank of England from A Manager’s Guide to Harnessing Technology, John Gallaugher, Version 7.0, p. 152