commerce www.bahrainthismonth.com December 2022 69 The type of system used depends on the ultimate aim of the system and the “somewhere in between” or hybrid options are also emerging in some areas. For these, there is a usually one central authority that controls the system but there are some permissionless processes involved. The IBM Food Trust is one such system that uses a hybrid system to connect participants across the food supply chain through a permissioned, permanent and shared record of food system data . Which industries have potential uses for blockchain? Blockchain also has tremendous potential to help governance systems, to streamline and track logistics, healthcare, banking and other sectors. It can even help track climate change better. Supply chain management is one area where blockchain can play a pivotal role. For instance, the system can track a crop right back to the farm where it was grown while keeping a permanent record of every transaction along the way. Blockchain technology is increasingly used and essential for smart contracts and in database systems. The technology allows for the automation of agreements to be executed without the involvement of a third party. Through blockchain systems, selfexecuting components like triggers and stored procedures can be implemented which cannot be undone. This makes it a system of choice for smart contracts. Smart contracts don’t only refer to cryptocurrencies and financial contracts. In healthcare, blockchain can help patients and doctors securely transfer medical information. The contracts can establish the parameters of what data can be shared. Even in the music industry, smart contracts have been used by Mediachain wherein it allows for decentralised, transparent contracts with artists. Mediachain was acquired by Spotify in 2017 to solve its attribution problem. What’s next? The uses of blockchain appear to be across sectors. It solves the problem of manipulated data, of middlemen and of verification system errors. It’s a new tool that will allow us to have the data we need, to track what we need and to find the problems exactly where they are based. The question then is more “life-like” than we realise – if we have the data, what we need is the knowledge to sift the big problems from the small and to perhaps learn to live with the problems that are paper-cuts. The danger is in thinking that every tiny hole needs our full attention. Too much information can give a false sense of control. It’s early days for this technology; time will tell how well it matures in its implementation. Pria is the Founder of GMI Advisory WLL– a Management Consultancy specialising in emerging businesses. You can visit her company website www.gmiadvisory.com to connect with her. You can follow Pria on Instagram using the handle @guide_my_idea Cryptocurrencies Governance systems Smart Contracts Decentralized Applications Cloud Storage Banking Logistics & Supply chain Healthcare Identity Management NFT’s What we see The actual universe
RkJQdWJsaXNoZXIy Mjk0MTkxMQ==