Potential use cases of Blockchain
Transcript
[Music] so we get into some of the potential use cases of watching this is what we're talking about blockchains potential use like what what what could it in theory be used for one of the biggest use cases has been financial services that obviously blockchain has applicability in Bitcoin but to think that blockchain but has the potential to replace a lot of the back in back-end systems and let's say credit card processing point-of-sale when I take my credit card swipe it at a POC point-of-sale device and
all the back in transaction takes place all of that takes place on the blockchain so having a in theory more secure and secure is I think a loose phrase because the current system is secure and this is a lot of the challenges with blockchain like what problem does it solve specifically and in banking and financial transactions the hope is you get that spread accountability again the the ledger the point-of-sale clerk can identify hopefully that that transaction that was accepted all the way through the credit card
processor to the bank back to the application that or the original manufacturer that all parts of that transaction are agreed upon and approved so it makes that contract so this is a another use case it makes that that contract of sale a lot more solid is the concept another big time use case is again we talked about manufacturers in the supply chain but the manufacturing process itself so if you're a green belt black bill in improving constantly improving processes you can now start to use blockchain
as a way to validate the manufacturing process so if you're a drug manufacturer and you want to ensure the ingredients that goes into manufacturing a medicine are the exact and agreed-upon ingredients needed to create that medicine blockchain is a potential solution so in general we can beat the horse on this a lot and go through a lot more use cases a lot of things that we hear about is the ability for smart contracts if you want to engage the CTL advisor and I create a statement
of work I can think the work is put on the blockchain and now it's an immutable thing like I can't go back and add an appendix and say that you know you'll pay me regardless of whether or not I deliver the deliverables within that smart contracts we can now have a mutable way of agreeing to terms of a contract so you can go on and on the different use cases of blockchain now from a practical perspective will blockchain replace a lot of the systems that we
have in place today there's this argument that a lot of these systems and solutions aren't broken today we have ways of creating contracts that are more or less immutable we can use a third party service to proxy and and say what they say what the original agreed-upon service was how is blockchain any better than X lusion well you know what that's not that's out of scope for this conversation the idea is to give you idea of what the potential use cases are not that they're better
than what we have today
