In the land of Blockchain

Blockchain is the talk of the town. Buut what is it really?

A blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.

Blockchain technology is like the internet in that it has a built-in robustness.

One can say that it’s a chain of blocks each containing a transaction. The chain is open to all participants, who can see all transactions since the start – neither the chain nor the blocks can be changed. Blockchain thus provides the same value to all participants and this information is updated simultaneously in all places almost in real time.

The speed, low transaction cost and global capabilities are the strength of blockchain.

The key thing is that we so far primarily have seen applicatilns in the finacial sector, while the real value of blockchain technology is huge and applicable everywhere – especially in the global supply chain and global value chains of international trade. The work done by IBM and others in this sector is extremely interesting and I am convinced that it will crucial for the future of international trade, as the cpncrete for new trade super highways and trusted trade lanes.

For a long period of time people has used the lack of information security as the reason for not exchanging crucial nominal data. Now that excuse is gone.

At the same time blockchain has become a buzzword used by everybody all the time as the answer to all problems. We need to move away from that – since blockchain is way too important for the future to be limited as a miracle drug solving all challenges.

For those of you who want to learn more about blockchain but also about other new technologies and how they really can be used in our sector, read my colleague and friend Ziv Baidas articles on LinkedIn or on other platforms. One of the best writers on technology in our industry.

Another piece of advice arpund blockchain is that if you have any questions on how to use this new technology in your business – Governments or Private Sector – is to contact my old friend Norbert Kouwenhoven from IBM that works with this 24/7.